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Technical Outlook

The stock has recently broken out above a seven - month falling wedge pattern, a classic bullish technical formation that often precedes a continuation of the uptrend . This breakout signals that the prolonged corrective phase have ended and that buying momentum is returning in the stock .

The stock in the process has moved above the 20 weeks EMA which has acted as a strong resistance in the entire decline highlighting strength returning in the stock .

A key observation on the monthly chart is that the stock has begun establishing a pattern of higher highs and higher lows, indicating improving structural momentum . Over the past three months, the stock has been consolidating and building a solid base within the range of 2210 – 2030 , reflecting healthy absorption of supply and accumulation at lower levels . This phase of sideways movement suggests stability rather than weakness .

The recent move above this consolidation zone signals a breakout from the base formation, reinforcing a positive bias and open upside towards 2470 levels being the confluence of the measuring implication of the last three months consolidation range and the 61.8% retracement of the last 7 months decline ( 2747 - 2030 ).

The weekly 14 periods RSI has recently generated a buy signal moving above its nine periods average thus validates positive bias .

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