Stock Analysis: DATA PATTERNS INDIA LTD
Date: June 26, 2024
Observation:
DATA PATTERNS INDIA LTD is approaching a key resistance level around 3,045-3,050 INR, as indicated by the black horizontal trendline.
The stock is currently forming a consolidation pattern just below this resistance.
A breakout above this resistance could indicate a bullish trend continuation.
Technical Indicators:
Price Action: The stock closed at 2,983.85 INR, showing a slight positive movement of +0.41% for the day.
Volume: Moderate volume suggests cautious buying interest as the price nears resistance.
Moving Average: The blue line represents the 50-day moving average, providing support and confirming the upward trend.
Potential Scenarios:
Bullish Breakout: If the stock breaks above the resistance level with strong volume, it could indicate a bullish trend continuation.
Rejection at Resistance: If the stock fails to break through the resistance, it may pull back to support levels around 2,800-2,850 INR.
Trading Plan:
Entry: Consider entering a long position above 3,050 INR with confirmation of increased volume.
Stop-Loss: Set a stop-loss below the recent low at 2,920 INR to manage risk.
Target: Initial target can be set at 3,200 INR, with further upside potential if the breakout is strong.
Hashtags:
#StockMarket #TradingView #TechnicalAnalysis #DataPatternsIndia #SwingTrading #BreakoutTrading
Date: June 26, 2024
Observation:
DATA PATTERNS INDIA LTD is approaching a key resistance level around 3,045-3,050 INR, as indicated by the black horizontal trendline.
The stock is currently forming a consolidation pattern just below this resistance.
A breakout above this resistance could indicate a bullish trend continuation.
Technical Indicators:
Price Action: The stock closed at 2,983.85 INR, showing a slight positive movement of +0.41% for the day.
Volume: Moderate volume suggests cautious buying interest as the price nears resistance.
Moving Average: The blue line represents the 50-day moving average, providing support and confirming the upward trend.
Potential Scenarios:
Bullish Breakout: If the stock breaks above the resistance level with strong volume, it could indicate a bullish trend continuation.
Rejection at Resistance: If the stock fails to break through the resistance, it may pull back to support levels around 2,800-2,850 INR.
Trading Plan:
Entry: Consider entering a long position above 3,050 INR with confirmation of increased volume.
Stop-Loss: Set a stop-loss below the recent low at 2,920 INR to manage risk.
Target: Initial target can be set at 3,200 INR, with further upside potential if the breakout is strong.
Hashtags:
#StockMarket #TradingView #TechnicalAnalysis #DataPatternsIndia #SwingTrading #BreakoutTrading