KIRLPNU - Horizontal Range Breakout
KIRLPNU - Horizontal Range Breakout
Rally and Consolidation:
The stock initially had a significant uptrend (seen in April-May), followed by a sideways correction with lower highs and higher lows.
This consolidation took the form of a descending channel (marked by red arrows at the highs and green arrows at the lows), which lasted for about four months from June to early October.
Support and Resistance:
The stock consistently tested the support zone near ₹1,230-1,250 (green arrows).
It also faced resistance near ₹1,400-1,450 (red arrows) multiple times during this period.
Breakout:
Recently, the stock has given a breakout above the channel resistance (black trendline) with a sharp spike in volume (seen near the end of the chart).
This breakout signals a potential new uptrend.
Volume Confirmation:
The breakout is supported by a noticeable increase in trading volume, indicating strong buying interest.
Targets and Stop Loss:
Target 1: ₹1,500 (immediate resistance from previous highs)
Target 2: ₹1,600-1,650 (next resistance levels based on prior rally)
Stop Loss: ₹1,290 (below recent support and moving averages)
Rally and Consolidation:
The stock initially had a significant uptrend (seen in April-May), followed by a sideways correction with lower highs and higher lows.
This consolidation took the form of a descending channel (marked by red arrows at the highs and green arrows at the lows), which lasted for about four months from June to early October.
Support and Resistance:
The stock consistently tested the support zone near ₹1,230-1,250 (green arrows).
It also faced resistance near ₹1,400-1,450 (red arrows) multiple times during this period.
Breakout:
Recently, the stock has given a breakout above the channel resistance (black trendline) with a sharp spike in volume (seen near the end of the chart).
This breakout signals a potential new uptrend.
Volume Confirmation:
The breakout is supported by a noticeable increase in trading volume, indicating strong buying interest.
Targets and Stop Loss:
Target 1: ₹1,500 (immediate resistance from previous highs)
Target 2: ₹1,600-1,650 (next resistance levels based on prior rally)
Stop Loss: ₹1,290 (below recent support and moving averages)
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