MRPL
Chart Structure: The stock is trading within a rising parallel channel, marked by two yellow trendlines — an ascending support line (bottom) and a resistance line (top).
This pattern typically indicates a controlled uptrend where prices are oscillating upward within a defined range.
Current Price Action: Current Price: ₹176.85
The stock is currently near the lower boundary of the rising channel, acting as trendline support.
This zone often acts as a buying area if the trend continues, but a breakdown below it could signal weakness.
Support and Resistance Levels: Support Zone: Around ₹170–₹175 (lower trendline support).
Immediate Resistance: ₹181.21 (horizontal resistance and previous minor high).
Next Resistances:₹198.56 — Intermediate resistance zone. ₹212.00–₹212.31 — Major resistance / recent swing high.
Volume has decreased recently, suggesting reduced momentum and participation as the price approaches support.
A breakout or breakdown accompanied by a volume surge will be important confirmation of direction.
Bullish Bias: As long as the price remains above the lower trendline (~₹170), upward continuation toward ₹198–₹212 is possible.
Bearish Bias: A daily close below the channel support (~₹170) could trigger a decline toward ₹155–₹160, possibly further if momentum accelerates.
Summary
Trend: Uptrend within a rising channel.
Momentum: Weak near support; consolidation phase possible.
Trading View:
Aggressive traders: May consider long positions near support (₹175–₹170) with stop below channel (~₹165).
Conservative traders: Wait for a breakout above ₹181 or a close above ₹198 for confirmation of renewed upward momentum.
Chart Structure: The stock is trading within a rising parallel channel, marked by two yellow trendlines — an ascending support line (bottom) and a resistance line (top).
This pattern typically indicates a controlled uptrend where prices are oscillating upward within a defined range.
Current Price Action: Current Price: ₹176.85
The stock is currently near the lower boundary of the rising channel, acting as trendline support.
This zone often acts as a buying area if the trend continues, but a breakdown below it could signal weakness.
Support and Resistance Levels: Support Zone: Around ₹170–₹175 (lower trendline support).
Immediate Resistance: ₹181.21 (horizontal resistance and previous minor high).
Next Resistances:₹198.56 — Intermediate resistance zone. ₹212.00–₹212.31 — Major resistance / recent swing high.
Volume has decreased recently, suggesting reduced momentum and participation as the price approaches support.
A breakout or breakdown accompanied by a volume surge will be important confirmation of direction.
Bullish Bias: As long as the price remains above the lower trendline (~₹170), upward continuation toward ₹198–₹212 is possible.
Bearish Bias: A daily close below the channel support (~₹170) could trigger a decline toward ₹155–₹160, possibly further if momentum accelerates.
Summary
Trend: Uptrend within a rising channel.
Momentum: Weak near support; consolidation phase possible.
Trading View:
Aggressive traders: May consider long positions near support (₹175–₹170) with stop below channel (~₹165).
Conservative traders: Wait for a breakout above ₹181 or a close above ₹198 for confirmation of renewed upward momentum.
Trade active
184Trade closed: target reached
186 almost 5% gain
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.