Broke Downtrend Resistance Zone Now Looking Very Strong

10月16日

✅The stock has broken out of a symmetrical triangle pattern a formation that typically signals a continuation or reversal of a trend. The breakout above the upper trendline indicates that buyers have regained control and the stock is poised for further upside. This move marks the end of the consolidation phase and suggests a potential rally.

✅The stock has been making higher low indicating accumulating buying interest at each dip. This consistent buying pressure has led to the breakout signaling a shift towards a bullish trend. The breakout was accompanied by a significant spike in volume confirming the strength behind the move. This suggests that the rally is backed by strong buying interest likely from institutional participants which adds credibility to the breakout.

✅ The RSI is currently at 67 reflecting a solid upward momentum. Although it’s approaching the overbought zone, it still has room to climb, especially if the bullish momentum continues. Traders should watch for any consolidation at current levels, which could act as a springboard for further upside.

✅The next resistance level is around 570-580 where some profit booking might occur. However if the stock continues to gain momentum and clears this level we could see it move toward 600, followed by 620. These levels align with the height of the symmetrical triangle pattern offering a clear target range.