AMBER ENTERPRISES-Weekly Breakout with Strong Momentum
Breakout Confirmation: Amber Enterprises has given a decisive breakout above the crucial Fibonacci 23.6% level (₹5,206), with a significant price surge. This breakout was accompanied by heavy volume, indicating strong bullish momentum and participation.
Fibonacci Levels:
Bullish Trendline Support: The stock has been respecting an ascending triangle pattern, marked by higher lows, which reflects accumulation and strengthening of the uptrend. The recent breakout from this triangle pattern gives further bullish confirmation.
Targets Ahead:
RSI Momentum: The RSI has broken above the 70-mark, entering the overbought zone, which confirms strong bullish momentum. However, the overbought condition may suggest some consolidation in the short term before the next leg up.
Support Levels: On any pullback, strong support lies around the Fibonacci 38.2% level at ₹4,557.35, followed by ₹4,032.40 (50% level). As long as these supports hold, the overall trend remains bullish.
Conclusion: Amber Enterprises is showing a powerful breakout with high volume, indicating a potential bullish rally in the coming weeks. Traders can look for opportunities on pullbacks or momentum continuation above ₹5,500, with a near-term target of ₹6,256 and a possible extension towards ₹6,900.
Fibonacci Levels:
- The stock retraced from its highs at ₹6,256.7, respecting the Fibonacci levels:
- 38.2% retracement at ₹4,557.35.
- 50% retracement at ₹4,032.40.
- 61.8% retracement at ₹3,507.50, which acted as a strong support before the stock resumed its upward movement.
- The breakout above ₹5,206 now opens the path towards the previous highs around ₹6,256.7.
Bullish Trendline Support: The stock has been respecting an ascending triangle pattern, marked by higher lows, which reflects accumulation and strengthening of the uptrend. The recent breakout from this triangle pattern gives further bullish confirmation.
Targets Ahead:
- Near-term target: Based on the breakout and the height of the triangle, the immediate target is around ₹6,256, which aligns with the 0% Fibonacci level.
- Potential upside projection: Using the measured move from the breakout, the stock has a potential to reach ₹6,900-7,000 levels, reflecting a 30-40% upside from the breakout point.
RSI Momentum: The RSI has broken above the 70-mark, entering the overbought zone, which confirms strong bullish momentum. However, the overbought condition may suggest some consolidation in the short term before the next leg up.
Support Levels: On any pullback, strong support lies around the Fibonacci 38.2% level at ₹4,557.35, followed by ₹4,032.40 (50% level). As long as these supports hold, the overall trend remains bullish.
Conclusion: Amber Enterprises is showing a powerful breakout with high volume, indicating a potential bullish rally in the coming weeks. Traders can look for opportunities on pullbacks or momentum continuation above ₹5,500, with a near-term target of ₹6,256 and a possible extension towards ₹6,900.
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