Alok Industries Stock Weekly Chart Analysis ✅ Held steady within the long-term Trendline SR at 10.30 to 11.50 ✅ A recent breakout from the year-long price range (blue box) Now, poised for potential breakout from the long-term Trendline Resistance Range Successful breakthrough here could trigger upside If the breakout falters, watch for support within the green trendline channel ✅Double Bottom Formation on the Long-term Trend line RR Keep in mind, the stock has already seen an 80% increase from recent lows on the weekly chart. Expect some consolidation before the next move. Follow For More Such Chart Analysis.
Be careful with trendlines because they are heavily used by market makers as a liquidity inducement for retail traders.
If you look at the overall structure from a Smart Money Concepts layout, we have the following setup:
While we could possibly have a higher high before we retrace to the 13.50 price point, the FVG is pretty glaring below the change of character, where price usually like to retrace below, after a structure is broken to the upside.
I'd be down for some shares once we hit that 13.40 / 13.50 target first.