EXIDEIND Support & Resistance

30 Sep

#EXIDEIND
Trend: Strong uptrend from January to June 2024, followed by a corrective phase. Currently consolidating with signs of a potential reversal.
Chart Pattern: Double Bottom pattern with a breakout above ₹490, signaling a possible trend reversal.
Candlestick: Strong bullish candle today (+5.42%) with no upper wick, indicating strong buying pressure.
Price Action: Support found at 460. Breakout above ₹490 shows buyer strength and momentum.
Volume: Significant volume spike (13.69M), confirming the breakout strength.
Buy Entry: Consider buying around ₹490-500 for potential upside.
Stop Loss: Set a stop loss below 460 (key support level).
Target: Initial target around 540, with potential to reach *580-1600 if momentum continues.