Spencer's Retail Ltd. as on 4th Sept 2024.
The stock chart of Spencer's Retail Ltd. is currently showing a bullish trend, with price action suggesting a possible upward breakout. The stock has recently taken support at the 100-day moving average (98.94 INR) and is trading around 98.24 INR. Here's why it should be in focus:
Strong Support Zone: The stock has taken support near a strong demand zone between 90.50 and 98.94 INR, and there is potential for a move upwards if it holds above this level.
Momentum Shift: The stock's momentum indicators, like moving averages (especially the 50, 100, and 200-day EMAs), suggest that it could be ready to rally. With the price hovering just above the 100-day moving average, it could move toward the next resistance level around 110 INR.
Potential Upside: The breakout above 105 INR could propel the stock toward a target of 125 INR, given the previous resistance levels and volume patterns.
In conclusion, Spencer's Retail Ltd. is displaying signs of strength with clear support from key moving averages. If it continues to hold this zone, it could offer significant gains. Keep an eye on its price action around the support and resistance levels for trading opportunities.
Strong Support Zone: The stock has taken support near a strong demand zone between 90.50 and 98.94 INR, and there is potential for a move upwards if it holds above this level.
Momentum Shift: The stock's momentum indicators, like moving averages (especially the 50, 100, and 200-day EMAs), suggest that it could be ready to rally. With the price hovering just above the 100-day moving average, it could move toward the next resistance level around 110 INR.
Potential Upside: The breakout above 105 INR could propel the stock toward a target of 125 INR, given the previous resistance levels and volume patterns.
In conclusion, Spencer's Retail Ltd. is displaying signs of strength with clear support from key moving averages. If it continues to hold this zone, it could offer significant gains. Keep an eye on its price action around the support and resistance levels for trading opportunities.
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