Bullish Breakout with Strong Indicators, Ready For Upside Rally

2024年6月11日

Mahanagar Telephone Nigam Ltd (MTNL) - Technical Analysis

✅The stock has been in an uptrend since September 2023, making higher highs and higher lows. Recently, the price has broken above a key resistance level, indicating a potential continuation of the uptrend.

✅Immediate support around ₹38, which was a previous resistance level & Stronger support near ₹32, which aligns with the lower trendline and past price action.

✅There is a noticeable increase in volume accompanying the breakout above the resistance level, indicating strong buying interest and supporting the bullish breakout.

✅RSI is currently at trending upwards, indicating increasing bullish momentum but not yet in overbought territory, also gave breakout & The MACD histogram shows increasing bullish momentum, with the MACD line crossing above the signal line, suggesting a buy signal.