RELINFRA - Weekly Chart Analysis, CMP-277
On a monthly timeframe (Image attached in the chart for reference) the stock is standing right below the resistance zone(281-352). The long term down trend line seems to be breaking this month.
On the weekly chart stock is making a vcp kinda structure and break out of the last 14week base again on a good volumes. The stock is trading above all its key moving averages too.
238.45 shall now act as an initial support while 201-215 zone is the main support.
On the upside the zone's upper level 352 can be tested in the near future. Which is still a 1:1RR.
If it manages to close above and sustain above it then 474 also can be tested in the long term.
Disclaimer: I am not a SEBI registered analyst. This is not a buy/sell recommendation. It is shared for educational purpose. If you intend to trade this counter then do your own due diligence and trade/invest on your risk.
On the weekly chart stock is making a vcp kinda structure and break out of the last 14week base again on a good volumes. The stock is trading above all its key moving averages too.
238.45 shall now act as an initial support while 201-215 zone is the main support.
On the upside the zone's upper level 352 can be tested in the near future. Which is still a 1:1RR.
If it manages to close above and sustain above it then 474 also can be tested in the long term.
Disclaimer: I am not a SEBI registered analyst. This is not a buy/sell recommendation. It is shared for educational purpose. If you intend to trade this counter then do your own due diligence and trade/invest on your risk.