This image shows a price chart for Escorts Kubota Ltd stock,
Here's an analysis of the key elements:
1. Price Action: - The stock has been in an overall uptrend since April. - It formed a symmetrical triangle pattern from June to September, which it has now broken out of to the upside. - The current price is 4,079.25 INR, up 4.88% on the day.
2. Key Levels: - There's a significant resistance level around 4,400 INR, which was the previous high in June. - The breakout level from the triangle pattern (around 3,920 INR) may now act as support.
3. Volume: - There's a notable spike in trading volume coinciding with the recent price breakout, suggesting strong buying interest.
4. RSI (Relative Strength Index): - The RSI is currently at 67.60, indicating strong momentum but not yet in overbought territory. - There was a bullish divergence between the RSI and price from July to September, with the RSI making higher lows while price made lower lows.
5. Potential Targets: - The chart shows a potential price target of 4,870.90 INR, which represents a 21.02% move from the breakout point.
6. Overall Outlook: - The breakout from the symmetrical triangle, accompanied by increased volume and strong RSI, suggests a bullish outlook for the stock. - The next major resistance to watch would be the previous high around 4,400 INR.
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