Devyani International: Will Weekly Momentum Fuel a Breakout?
Devyani International is currently making higher lows, as indicated by the trend line. The stock has established strong support at 142, with resistance at 203. After two failed breakout attempts, the question remains: will the third succeed or will it pull back to support?
Minor resistance at 179 has now turned into support. However, it is important to note that while the weekly volumes remain unimpressive, the MACD is showing growing strength, signaling potential bullish momentum in the coming weeks.
Potential Risk:
The primary risk to the stock's upward trajectory is the possibility of a broader market correction, particularly influenced by uncertainty in the Index.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
Minor resistance at 179 has now turned into support. However, it is important to note that while the weekly volumes remain unimpressive, the MACD is showing growing strength, signaling potential bullish momentum in the coming weeks.
Potential Risk:
The primary risk to the stock's upward trajectory is the possibility of a broader market correction, particularly influenced by uncertainty in the Index.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
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