RKFORGE Breakout

📊 Technical Breakdown – Ramkrishna Forgings
🔍 Key Observations:
Current Price: ₹623.90

Price Action:

Strong bullish candle today (+7.02%) closing above previous resistance zone.

2-day move = ₹56.55 gain (~9.06%) — shows strong momentum.

Volume: 8.03M – a significant spike compared to recent sessions → likely institutional buying.

Indicators:

Price is breaking out from a tight consolidation zone.

Appears to be a Bollinger Band breakout and possibly a Donchian Channel breakout.

🔼 Bullish Breakout Confirmation
The breakout from the ₹610–₹620 zone with strong volume and body close above is a classic breakout setup.

The chart shows a measured move box (projection) up to ~₹675–₹690 zone — possible first target range.

✅ Stage Identification
Stage 2 – Start of New Uptrend
Consolidation followed by a volume breakout = early Stage 2.

Price now trades above 20-DMA and likely close to crossing longer-term averages.

🧠 Trading Plan
Action Type Entry SL Target Range
Aggressive Long CMP ₹623.90 or dips to ₹615 ₹595 (below support zone) ₹675–₹690 (short-term)
Conservative Wait for closing above ₹635 ₹610 ₹700–₹725 (medium-term)

📌 Summary Table
Metric Value/Observation
Trend Turning Bullish (Stage 2 breakout)
Volume Highest in months – confirms strength
Breakout Level ₹620
Next Resistance ₹675–690 zone
Stop-loss (Swing) ₹595