Several stocks are attempting key breakouts on the weekly timeframe. At first glance, the charts look alike — price testing overhead resistance. But momentum (RSI) paints very different pictures.
Polycab India – Momentum-backed breakout
RSI makes a higher high, confirming strength behind the move.
Grasim Industries – Breakout with divergence risk
Price pushes higher, but RSI forms a lower high. A red flag for possible weakness.
Canara Bank – Cautious breakout attempt
Price tests the swing high, RSI is neutral with only a slight higher high. Momentum is less convincing.
Takeaway
Breakouts may look the same on price charts, but momentum helps separate strong moves from risky ones. A follow-up with Elliott Wave counts will be done once the structures mature further.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Polycab India – Momentum-backed breakout
RSI makes a higher high, confirming strength behind the move.
Grasim Industries – Breakout with divergence risk
Price pushes higher, but RSI forms a lower high. A red flag for possible weakness.
Canara Bank – Cautious breakout attempt
Price tests the swing high, RSI is neutral with only a slight higher high. Momentum is less convincing.
Takeaway
Breakouts may look the same on price charts, but momentum helps separate strong moves from risky ones. A follow-up with Elliott Wave counts will be done once the structures mature further.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.