IRCTC Descending Channel breakout to watch.
Descending Channel:
The price is trending downwards within a well-defined descending channel (yellow lines), with lower high and lower lows indicating a bearish trend.
Key Support and Resistance Levels:
Support:
788.50 appears to be a strong support level, as shown by the blue horizontal line, below that it can move towards 725 represents a more significant lower support level.
Resistance:
850 being the previous high and immediate resistance.
914.75 is resistance levels within the current channel.
A breakout above the 993.65 resistance could indicate further bullish momentum which till for new all time high.
RSI (Relative Strength Index):
The RSI is hovering near 53.64, It indicates a neutral to slightly bullish sentiment.
Recent Price Action:
The price has bounced off the 788.50 support and is attempting to move upward, nearing the channel's upper boundary. A breakout from the channel could signal a trend reversal.
Volume:
Volume appears moderate, which might suggest the need for stronger buying interest to sustain an upward breakout.
Potential Strategies:
Bullish Scenario: If the price breaks above the descending channel and closing above 850 resistance with strong volume, it could indicate a bullish trend reversal till 914.75
Bearish Scenario: A rejection at the channel's upper boundary or resistance levels of 850 may lead to further downside toward 725 or even 670.
Disclaimer -
The information provided herein is for educational purposes only. It does not constitute financial, investment, or trading advice. Consult a qualified financial advisor before making any financial decisions.
We are not liable for any monetary loss, that may arise directly or indirectly from the use of information provided
The price is trending downwards within a well-defined descending channel (yellow lines), with lower high and lower lows indicating a bearish trend.
Key Support and Resistance Levels:
Support:
788.50 appears to be a strong support level, as shown by the blue horizontal line, below that it can move towards 725 represents a more significant lower support level.
Resistance:
850 being the previous high and immediate resistance.
914.75 is resistance levels within the current channel.
A breakout above the 993.65 resistance could indicate further bullish momentum which till for new all time high.
RSI (Relative Strength Index):
The RSI is hovering near 53.64, It indicates a neutral to slightly bullish sentiment.
Recent Price Action:
The price has bounced off the 788.50 support and is attempting to move upward, nearing the channel's upper boundary. A breakout from the channel could signal a trend reversal.
Volume:
Volume appears moderate, which might suggest the need for stronger buying interest to sustain an upward breakout.
Potential Strategies:
Bullish Scenario: If the price breaks above the descending channel and closing above 850 resistance with strong volume, it could indicate a bullish trend reversal till 914.75
Bearish Scenario: A rejection at the channel's upper boundary or resistance levels of 850 may lead to further downside toward 725 or even 670.
Disclaimer -
The information provided herein is for educational purposes only. It does not constitute financial, investment, or trading advice. Consult a qualified financial advisor before making any financial decisions.
We are not liable for any monetary loss, that may arise directly or indirectly from the use of information provided
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