Several stocks are attempting key breakouts on the weekly timeframe. At first glance, the charts look alike — price testing overhead resistance. But momentum (RSI) paints very different pictures.
Polycab India – Momentum-backed breakout
RSI makes a higher high, confirming strength behind the move.
Grasim Industries – Breakout with divergence risk
Price pushes higher, but RSI forms a lower high. A red flag for possible weakness.
Canara Bank – Cautious breakout attempt
Price tests the swing high, RSI is neutral with only a slight higher high. Momentum is less convincing.
Takeaway
Breakouts may look the same on price charts, but momentum helps separate strong moves from risky ones. A follow-up with Elliott Wave counts will be done once the structures mature further.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Polycab India – Momentum-backed breakout
RSI makes a higher high, confirming strength behind the move.
Grasim Industries – Breakout with divergence risk
Price pushes higher, but RSI forms a lower high. A red flag for possible weakness.
Canara Bank – Cautious breakout attempt
Price tests the swing high, RSI is neutral with only a slight higher high. Momentum is less convincing.
Takeaway
Breakouts may look the same on price charts, but momentum helps separate strong moves from risky ones. A follow-up with Elliott Wave counts will be done once the structures mature further.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
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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.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
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.