SKYGOLD Bullish Reversal Setup as Falling Wedge Breakout Complet

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SKYGOLD (15M) | NSE | Heikin Ashi

🟢 LONG BIAS

📅 Updated: July 17


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🔍 Description

SKYGOLD has emerged from a prolonged corrective phase, breaking out of a well-defined falling wedge pattern on the 15-minute chart. The price action has respected a clean Elliott Wave ABCDE structure within the wedge, suggesting a completed consolidation cycle. With bullish momentum building above ₹325, the stock now appears poised for a breakout rally towards ₹344.45.

This setup reflects both a technical breakout and possible short-covering rally, making it an attractive opportunity for short-term swing traders. However, risk remains below the ₹320.40 zone, which invalidates the breakout structure if breached.


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📊 Technical Structure (15M)

✅ Breakout above wedge resistance
✅ ABCDE wave structure complete (classic consolidation)
✅ Impulse targets in sight

📌 Upside Targets

First: ₹325.75

Final: ₹344.45


🔻 Risk Zone

Below: ₹320.40 (Breakdown invalidates setup)



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📈 Fundamental/Flow Highlights

Sector Sentiment: Positive traction in mid-cap jewellery and gems segment.

Volume Spike: Notable rise in volume on breakout candle.

Short-Covering Potential: Highly likely due to prolonged consolidation.



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⚠️ Risks to Watch

Sudden broad market correction in Nifty Midcap segment.

Lack of follow-through volume post-breakout.

Intraday rejection near ₹344 zone (previous supply).



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🧭 Summary: Bias and Watchpoints

SKYGOLD is bullish above ₹325 with a breakout structure favoring continued upside toward ₹344.45. As long as the price holds above ₹320.40, the long thesis remains valid. Watch volume confirmation, and use trailing SL to lock gains.