SUNTECK Approaching A Critical Resistance Zone- Keep In Radar

8 авг.

-The stock is testing a six-year-old strong resistance level around ₹600-₹630. This level was previously tested in 2018, 2019, and 2022, and has held firm each time. A successful breakout above this resistance would indicate a significant bullish trend continuation.
-The stock has been respecting an upward sloping trendline since 2020, indicating a long-term bullish trend.

-Recent sessions have seen a significant increase in trading volume as the stock approaches the resistance level. This increase in volume indicates strong buying interest and adds credibility to a potential breakout.

-The Relative Strength Index (RSI) is currently at 60.55. This level is below the overbought threshold of 70, indicating that there is still room for upward movement without the stock being considered overbought.

-The stock has formed an ascending triangle pattern over the past several years, characterized by higher lows and a flat resistance line. This pattern is typically bullish, suggesting that buyers are gaining strength.