Inox Green Energy: Cup & Handle Breakout Signals Potential Trend Reversal

$INOXGREEN Inox Green Energy has completed a well-structured Cup & Handle formation and is now attempting a decisive breakout above the crucial ₹188-190 resistance zone. After a prolonged corrective phase, the stock has built a strong accumulation base, indicating that selling pressure has largely been absorbed. The current price action suggests the possibility of a major trend reversal with fresh upside momentum emerging. From an Elliott Wave perspective, the decline from the previous highs appears to have completed a corrective ABC structure near the ₹135-140 region. The rounded base formation can be viewed as the completion of a larger Wave 2 correction, while the current breakout attempt may represent the early stages of a new impulsive Wave 3 advance, typically associated with strong price expansion and improving participation. From an AVWAP standpoint, the anchored VWAP from the March-April swing low is likely positioned around the ₹170-175 region and has acted as dynamic support throughout the recovery. The stock's ability to remain above this support area while building the handle strengthens the bullish setup. The breakout above ₹188-190 converts a major resistance level into a potential demand zone. Fundamentally, Inox Green Energy operates in a sector benefiting from India's long-term renewable energy and wind power infrastructure growth. Companies positioned within clean energy ecosystems often attract investor interest during industry expansion cycles, particularly when operational performance and execution continue to improve. Technical Outlook Pattern: Cup & Handle Breakout Breakout Zone: ₹188-190 Immediate Support: ₹188 AVWAP Support Zone: ₹170-175 Elliott Wave View: Potential start of Wave 3 uptrend Potential Targets: ₹220 → ₹250+ Invalidation Level: Sustained close below ₹170