PARAS Breaks Out of Inverted Head and Shoulders Pattern

-The stock has formed an inverted head and shoulders pattern, a bullish reversal formation, with the neckline recently broken.
- The price has decisively broken above the neckline around ₹850 with strong volume, confirming the pattern.
- This breakout suggests a potential bullish move ahead.
- Immediate support is now around the previous neckline at ₹850.
- Next resistance levels to watch are around ₹1000 and ₹1050.
- Volume surged significantly on the breakout, indicating strong buying interest.
- The RSI has moved above 70, reflecting strong bullish momentum but nearing overbought territory.
- With the breakout confirmed, the stock is poised for further upside.
- Traders can look to enter on a retest of the ₹850 level, with stops placed below ₹800.
- Potential targets for the bullish move are ₹1000 and ₹1050, aligning with the pattern's projected move.