Swing

This chart shows the daily price movement of Oil India Ltd (OIL) with key technical analysis elements:

Analysis:
Trendline Breakout:

The orange descending trendline represents a downtrend. The current price has broken above this line, indicating a potential reversal of the bearish trend.
Support Level (₹463.75):

The lower horizontal line around ₹463.75 serves as a strong support, where buyers have consistently entered the market to prevent further declines.
Resistance Level (₹538.20):

The upper horizontal line at ₹538.20 acts as resistance, where the price has faced selling pressure in the past.
Current Price Action (₹507.15):

The price is currently at ₹507.15, showing a strong 4.34% gain today, with increased bullish momentum.
Volume:

The volume bar shows moderate trading activity, supporting the breakout.
Key Insights:
The breakout above the downtrend line suggests bullish momentum.
If the price sustains above ₹507.15, it could aim for ₹538.20 resistance.
A rejection could lead to a retest of the ₹463.75 support.
Recommendation:
Monitor for sustained movement above the trendline and watch the ₹538.20 resistance for further confirmation of a trend reversal.