CDSL: Poised for New Highs ?

1 Jan

CDSL: Poised for New Highs with Strong Support and Bullish Momentum

Weekly Technical Analysis of CDSL Stock
The CDSL stock is currently showing strong bullish momentum on the weekly chart. After a healthy retracement, it has taken support in the 1705–1715 zone, which aligns with the 1.618 Fibonacci extension level. This level has acted as a solid support base, enabling the stock to consolidate and prepare for the next upward move.

Key Observations:

1. Fibonacci Levels: The stock is poised to aim for the next Fibonacci extension level at 2.618 (2,485), which is a potential target for new highs if the bullish momentum continues.
   
2. Moving Averages: The stock remains well above the 20, 50, and 200-week moving averages, confirming a long-term uptrend.
   
3. MACD Indicator: The MACD line is above the signal line, reflecting sustained bullish momentum.
   
4. Volume: Strong volumes during the recent breakout indicate robust buying interest.
   
5. Outlook: As long as the support at 1705–1715 holds, the stock is expected to maintain its bullish trajectory. Traders can watch for further confirmation as the stock approaches its next resistance level near 2,485, as indicated by the Fibonacci extension.