📊 Summary:
CreditAccess Grameen has shown a strong recovery from the ₹800 zone and is forming a rounding bottom pattern, suggesting the potential start of a long-term uptrend. The long-term channel from 2020 remains valid, and price is gradually making its way toward the upper range.
🔍 Technical Breakdown:
Structure: Rounding bottom formation underway.
Long-term Channel: Price respects the long-term ascending channel from Covid lows.
Support Zone: ₹800 (historical support + 0.786 Fibonacci retracement of prior rally).
Resistance Zone: ₹1,200–₹1,400 (neckline of rounding bottom and mid-channel resistance).
Fibonacci Levels:
0.618 retracement held around ₹990.
1.618 extension projects a long-term target near ₹3,218.
RSI (14): Currently at 54.39, crossing above the RSI-based MA at 55.19. Indicates improving momentum.
Volume: Spike during bounce from ₹800 zone suggests institutional interest.
✅ Suggestions:
Investment View: Ideal for long-term accumulation. SL at ₹800 with a holding horizon of 2–3 years.
Breakout Watch: A sustained breakout above ₹1,250–₹1,300 with volume can confirm the rounding bottom breakout.
Target Projections:
Medium-Term: ₹1,450 – ₹1,600
Long-Term: ₹2,400 – ₹3,200 (Fibonacci extension zone)
Risk Management: Maintain SL at ₹800 on a weekly closing basis.
RSI Bullish Structure: RSI broke its own trendline resistance – a positive divergence signal.
⚠️ Key Risks / Cautions:
Price still below neckline resistance – watch for rejection near ₹1,250–₹1,300.
Market-wide volatility could affect near-term trend – stay focused on the broader channel and structure.
Avoid adding aggressively unless breakout is confirmed with volume.
📝 Conclusion:
CreditAccess Grameen is showing a classic long-term reversal setup with strong technical confluence at ₹800. A cup-with-handle structure is maturing. The stock could become a long-term compounder if it breaks out above the neckline. Accumulate gradually with a long-term view.
CreditAccess Grameen has shown a strong recovery from the ₹800 zone and is forming a rounding bottom pattern, suggesting the potential start of a long-term uptrend. The long-term channel from 2020 remains valid, and price is gradually making its way toward the upper range.
🔍 Technical Breakdown:
Structure: Rounding bottom formation underway.
Long-term Channel: Price respects the long-term ascending channel from Covid lows.
Support Zone: ₹800 (historical support + 0.786 Fibonacci retracement of prior rally).
Resistance Zone: ₹1,200–₹1,400 (neckline of rounding bottom and mid-channel resistance).
Fibonacci Levels:
0.618 retracement held around ₹990.
1.618 extension projects a long-term target near ₹3,218.
RSI (14): Currently at 54.39, crossing above the RSI-based MA at 55.19. Indicates improving momentum.
Volume: Spike during bounce from ₹800 zone suggests institutional interest.
✅ Suggestions:
Investment View: Ideal for long-term accumulation. SL at ₹800 with a holding horizon of 2–3 years.
Breakout Watch: A sustained breakout above ₹1,250–₹1,300 with volume can confirm the rounding bottom breakout.
Target Projections:
Medium-Term: ₹1,450 – ₹1,600
Long-Term: ₹2,400 – ₹3,200 (Fibonacci extension zone)
Risk Management: Maintain SL at ₹800 on a weekly closing basis.
RSI Bullish Structure: RSI broke its own trendline resistance – a positive divergence signal.
⚠️ Key Risks / Cautions:
Price still below neckline resistance – watch for rejection near ₹1,250–₹1,300.
Market-wide volatility could affect near-term trend – stay focused on the broader channel and structure.
Avoid adding aggressively unless breakout is confirmed with volume.
📝 Conclusion:
CreditAccess Grameen is showing a classic long-term reversal setup with strong technical confluence at ₹800. A cup-with-handle structure is maturing. The stock could become a long-term compounder if it breaks out above the neckline. Accumulate gradually with a long-term view.
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