Indiamart - Bullish Divergence - Symmetrical Triangle Breakout
IndiaMART InterMESH Ltd. has shown a strong bullish divergence, breaking out from a symmetrical triangle pattern and currently testing a crucial retest level. This setup presents a potentially favorable opportunity, if the support at the trendline holds next week.
Technical Analysis:
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice.
Technical Analysis:
- Symmetrical Triangle Pattern: The stock has been consolidating within a symmetrical triangle, characterized by converging trendlines of higher lows and lower highs.
- Bullish Divergence: The price made a lower low while the RSI made a higher low, indicating a bullish divergence and suggesting weakening selling pressure.
- Breakout Confirmation: The price recently broke above the upper boundary of the triangle, confirming a bullish breakout.
- Retest Level: The price is currently retesting the breakout level around ₹2,780. If it reverses upwards from this trendline, the setup looks promising.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice.
Note
Chart is holding.
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