$TORRENTPOWER - Weekly Chart Analysis
Since Nov21 the stock was trading in the range. It broke out with good volumes in the end of June23. It made a huge wick on the upside which shall be concerning but it can be the profit booking. It has retested the breakout levels recently. Last week we saw good buying coming in with volumes. For further confirmation, we should keep a watch on it and wait for a weekly close in the range or above 633-650 (Orange lines) with good volumes which may confirm further move.
Stock is also trading above its key moving averages which builds our conviction.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you want to trade then please due your own due diligence and trade at your own risk.
Stock is also trading above its key moving averages which builds our conviction.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you want to trade then please due your own due diligence and trade at your own risk.
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Finally it gave nice close above the levels but not good volumes. Still better than the down week volumes.
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Nice consolidation happening at the resistance with low volumes.
Perfect recipe.
Perfect recipe.