**🚀 EIEL – Breakout After Base Formation | Trend Reversal Play**
**Timeframe:** 1D
**Current Price:** ₹263 | **Change:** +4.52% | **Volume Surge**
📈 **Technical Overview:**
EIEL is showing a classic breakout from a long consolidation range after a prolonged downtrend. The price has recently crossed above the 50-day moving average (blue line), indicating a shift in momentum. Volume is rising sharply, confirming strong buyer interest.
🔍 **Key Observations:**
* **Breakout Level:** Above ₹250-255 zone.
* **Resistance to Watch:** ₹275–₹300 levels in the short term.
* **Support Zone:** ₹225–₹235 (ideal pullback buying area).
* **Volume Spike:** Strongest in recent months, suggesting accumulation.
🧠 **Trade Plan:**
* **Aggressive Entry:** Current market price (₹263) with a tight stop-loss around ₹235.
* **Conservative Entry:** Buy on a pullback to ₹240–₹245 range.
* **Targets:** ₹275 → ₹295 → ₹320
* **SL:** ₹234 (closing basis)
📊 **Bias:** Bullish
📅 **Time Horizon:** Short to medium term (1–4 weeks)
💡 **Note:** Always use proper risk management and position sizing. This is a momentum-based setup; trail your stop-loss as price moves in your favor.
Trade closed: stop reached
Right now SL has hitted and i m out but still waiting for green bullish candle on daily time frame i will think for re-entry.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.