BAJEL - falling wedge Breakout - Daily
The chart of **Bajaj Electricals (BAJEL)**, as shown in the uploaded image, displays a well-defined technical pattern.
### Key Observations:
1. **Uptrend Channel**: The price action is contained within an ascending channel, marked by parallel yellow trendlines. This signifies an ongoing uptrend, with the stock making higher highs and higher lows.
2. **Breakout**: The stock has broken out from the downtrend or consolidation pattern that formed between Oct 1st 2024. This breakout suggests a possible continuation of the uptrend, which is also supported by increased volume near the breakout point.
4. **Price Targets**:
- The stock is currently near the 286 INR level, and the next potential resistance level appears to be near **324.70 INR**, which is derived from the channel and measured moves.
- The stock has shown a percentage price change of **23.65%** from the breakout, with potential to test higher levels.
5. **Support**: The stock has found solid support around the **236 INR** level, making this a key level to watch in case of any pullback or retracement.
6. **Relative Strength Index (RSI)**: The RSI indicator at the bottom shows a strong upward movement, indicating that the stock is gaining momentum. If it reaches overbought levels (above 70), some consolidation may occur.
This overall analysis shows a **bullish outlook** for BAJEL, particularly given the channel breakout and technical pattern formations. The next levels to watch would be the **324.70 INR** resistance and possible retesting of support levels around **236 INR** if a pullback happens.
### Key Observations:
1. **Uptrend Channel**: The price action is contained within an ascending channel, marked by parallel yellow trendlines. This signifies an ongoing uptrend, with the stock making higher highs and higher lows.
2. **Breakout**: The stock has broken out from the downtrend or consolidation pattern that formed between Oct 1st 2024. This breakout suggests a possible continuation of the uptrend, which is also supported by increased volume near the breakout point.
4. **Price Targets**:
- The stock is currently near the 286 INR level, and the next potential resistance level appears to be near **324.70 INR**, which is derived from the channel and measured moves.
- The stock has shown a percentage price change of **23.65%** from the breakout, with potential to test higher levels.
5. **Support**: The stock has found solid support around the **236 INR** level, making this a key level to watch in case of any pullback or retracement.
6. **Relative Strength Index (RSI)**: The RSI indicator at the bottom shows a strong upward movement, indicating that the stock is gaining momentum. If it reaches overbought levels (above 70), some consolidation may occur.
This overall analysis shows a **bullish outlook** for BAJEL, particularly given the channel breakout and technical pattern formations. The next levels to watch would be the **324.70 INR** resistance and possible retesting of support levels around **236 INR** if a pullback happens.
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