TGV Sraac Adds 5 Megawatts of Solar Power Capacity
Jan 30, 202517:58
TGVSL
−1.46%
TGV Sraac
TGVSL
added a solar power capacity of five megawatts, according to a Wednesday filing with the Indian stock exchanges.
The move increases the chemicals manufacturer's total solar capacity to 35.40 MW, the filing said.
Technical Analysis of TGV SRAAC Limited (1-hour chart):
1. Trend and Channel
- The chart shows a descending channel, marked by two parallel downward-sloping trendlines. This indicates a bearish trend over the past few weeks.
2. Support and Resistance Levels
- Support:
- The nearest support level is 91, a critical level where the price previously rebounded multiple times.
- Resistance:
- 106.35 is a key resistance. The price was rejected multiple times around this level.
- The next significant resistance levels are 116.95 and 120.71.
3. Current Price Action
- The price is trading near the middle of the channel, around 99.10.
- A breakout above the upper channel line would indicate bullish momentum, while a breakdown below the lower channel suggests further downside.
4. Relative Strength Index (RSI)
- The RSI is around 46.71, suggesting a neutral to slightly bearish momentum. It’s not in overbought or oversold territory, meaning the price could move either way depending on volume and momentum.
Target and Stop-Loss Suggestions:
1. Bullish View (If Price Breaks Above Resistance or Channel):
- Entry: If the price breaks above 106.35.
- Target 1: 116.95 (first significant resistance).
- Target 2: 120.71 (next key resistance).
- Stop-Loss: Below the 106.35 breakout level to protect from false breakouts.
2. Bearish View (If Price Breaks Below Support or Channel):
- Entry: If the price breaks below 91.
- Target 1: 85 (potential support level below 91).
- Stop-Loss: Above the 91 support to limit risk from a false breakdown.
Summary:
- Watch for a breakout or breakdown from the descending channel and key levels.
- The RSI indicates no immediate trend strength, so volume confirmation and price action are essential before taking positions.
Short-Term, Medium-Term, and Long-Term Views for TGV SRAAC Limited (1-hour chart)
1. Short-Term View (1-2 weeks)
Trend:
- The price is moving within a descending channel, indicating short-term bearish momentum.
- RSI: Neutral at 46.71, suggesting consolidation.
Key Levels:
- Immediate Resistance: 106.35
- Immediate Support: 91.00
Possible Scenarios:
- Bullish: Break above 106.35 could push the price toward 116.95.
- Bearish: If the price breaks below 91, expect further downside toward 85.00 or lower.
Strategy:
- Watch for a breakout or breakdown from the channel and key levels before initiating trades. Short-term traders can aim for 10-15% moves with tight stop-losses.
2. Medium-Term View (1-3 months)
Trend:
- The price is in a descending channel, part of a broader correction from higher levels.
- If the price remains within the channel, the medium-term outlook remains bearish.
Key Levels:
- Medium-Term Resistance: 116.95 and 120.71. A break above these levels would suggest a trend reversal.
- Medium-Term Support: 91.00. A breakdown could signal a deeper correction.
Possible Scenarios:
- Bullish: Break above 120.71 could lead to a rally toward 130+ levels.
- Bearish: Sustained breakdown below 91 could lead to new lows.
Strategy:
- Swing traders can consider trades near the channel boundaries with wider stop-losses. Monitor momentum indicators (RSI and MACD) for signs of reversal or continuation.
3. Long-Term View (3+ months)
Trend:
- The long-term trend depends on how the price reacts at major support and resistance levels.
- Bullish Scenario: A breakout above 120.71 could lead to a potential long-term uptrend.
- Bearish Scenario: If the price remains in the descending channel or breaks below 91, the stock could remain under pressure for an extended period.
Key Levels:
- Long-Term Resistance: 120.71, followed by potential resistance at 130-140 levels.
- Long-Term Support: Below 91, potential long-term support could be near 85 or lower.
Strategy:
- Long-term investors should look for clear signs of trend reversal, such as a breakout above 116.95 or 120.71, to consider bullish positions. Conservative stop-losses should be placed below major support levels.
Summary:
- Short-Term: Watch for a break of 106.35 or 91 for quick moves.
- Medium-Term: Price must break out of the descending channel for a trend reversal.
- Long-Term: Monitor 120.71 for signs of a significant breakout or sustained bearishness below 91.
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