Potential Bullish Reversal With High Volume & Strong Candle

11 Jun

✅The stock has been in a consolidation phase, with price action forming a descending triangle pattern. Recently, the price has shown signs of breaking out from this pattern, indicating a potential bullish reversal.

✅ Immediate support around ₹240, which was a recent consolidation level. Stronger support near ₹220, aligning with the lower trendline and past price action.

✅ There is a noticeable increase in volume accompanying the price move towards the breakout, indicating strong buying interest and supporting the potential bullish reversal.

✅ RSI is trending upwards, indicating increasing bullish momentum without being overbought. The MACD histogram shows increasing bullish momentum, with the MACD line approaching a bullish crossover above the signal line.

**Trading Plan:**
- **Entry:** Above ₹260
- **Stop Loss:** Below ₹240
- **Targets:** ₹280 (short-term), ₹300 (medium-term)

6 Agu

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Now Indramedco is 22% after my analysis, Today 20% up upper circuit after strong quarterly results