ASAHIINDIA Nearing Breakout Point - Watch for Bullish Move

30 Mei

- The stock is forming a symmetrical triangle pattern, with higher lows and lower highs converging towards an apex.
- The price is approaching the upper trendline of the symmetrical triangle.
- A breakout above this trendline with strong volume can signal a bullish continuation.
- Immediate resistance is around ₹640, the upper boundary of the triangle.
- Support is at the lower trendline, currently around ₹520.
- Volume has been decreasing during the formation of the pattern, typical before a breakout.
- The RSI is around 55.68, indicating mild bullish momentum and room for further upward movement.
- Watch for a breakout above ₹640 with increased volume to confirm the next bullish move.
- In case of a breakout, the stock could target higher levels, with potential resistance around ₹680 and ₹700.
- Traders might consider entering on the breakout or on a retest of the ₹640 level, with stops below the lower trendline.

This analysis is designed to be straightforward for new traders while highlighting essential technical aspects. Always perform additional research and use risk management strategies before trading.