📊 Technical Analysis: Menon Bearings Ltd. (NSE: MENONBE)
🧠 Chart Pattern: Downtrend Breakout
🚀 Breakout Details (May 15, 2025):
📌 Technical Signals:
🎯 Potential Upside Target:
🛡️ Support Zone:
Post-breakout retest support near ₹108–₹110.
🧠 Chart Pattern: Downtrend Breakout
- The stock had been in a long-term descending trendline (resistance) since mid-2023.
- After several months of lower highs, the price has finally broken above this descending resistance on strong momentum.
🚀 Breakout Details (May 15, 2025):
- Close: ₹120.25
- Day’s Move: +₹10.11 (+9.18% gain)
- Volume: 412.5K — significantly above average, confirming strong buyer interest.
📌 Technical Signals:
- Resistance Breakout: The trendline acting as a ceiling has now been breached convincingly.
- Volume Confirmation: The surge in volume supports the validity of the breakout.
- New Higher High: This move breaks the previous swing highs, hinting at trend reversal.
🎯 Potential Upside Target:
- Based on the recent base range of ₹85–₹115 (~₹30), the projected upside target could be:
- Target 1: ₹130
- Target 2: ₹145+ (medium-term)
🛡️ Support Zone:
Post-breakout retest support near ₹108–₹110.
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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.