MINDA CORPORATION (Chart Analysis) - 7th December, 2024
- Pattern: FALLING WEDGE
- Breakout in progress
- Volumes being builtup
1. Weekly Support Zone:
The green highlighted area near ₹480 represents a strong support zone. Prices bounced back multiple times from this level (indicated by green arrows), meaning buyers are consistently stepping in when the price reaches this range.
2. Demand Zone:
Around ₹520, there's a demand zone where buying activity is seen, confirming that traders find value in this price range.
3. Resistance Trendline:
The red diagonal line shows a resistance trendline. The price has repeatedly struggled to break above this downward slope. Sellers seem to dominate when the price approaches this line, pushing it down.
4. Resistance Zone:
The red horizontal zone near ₹580 shows an area where the stock has faced significant selling pressure in the past.
Disclaimer: This is just an price action analysis for educational purposes.
“Risk comes from not knowing what you’re doing.” – Warren Buffett
