As on 11/05/2021
217.85 is seen as a major resistance line as that is the IPO open price.
Initial breakout occured on 29th Dec 2020 , however breakout could not sustain and it retraced back below the Black resistance line
Breakout occured again after retracement on 06/05/2021 with larger volume than previous breakout , However subsequent volume was not equal to or greater than breakout candle .
Price resisted again on the Orange trendline @ 241 levels
Furthermore breakout candle on 6th May and follow up candle on 7th may had Large selling wicks showing strenght in price coming back down
Currently expecting a range bound movement between the two trendlines as :
1. According to VPA volume and price are both declining as of now
2. Breakouts are said to be stronger after a retracement
217.85 is seen as a major resistance line as that is the IPO open price.
Initial breakout occured on 29th Dec 2020 , however breakout could not sustain and it retraced back below the Black resistance line
Breakout occured again after retracement on 06/05/2021 with larger volume than previous breakout , However subsequent volume was not equal to or greater than breakout candle .
Price resisted again on the Orange trendline @ 241 levels
Furthermore breakout candle on 6th May and follow up candle on 7th may had Large selling wicks showing strenght in price coming back down
Currently expecting a range bound movement between the two trendlines as :
1. According to VPA volume and price are both declining as of now
2. Breakouts are said to be stronger after a retracement