Currency Grow (CA & SEBI Reg IA Omkar Bhutada) · 22nd May
On the weekly chart of Premier Explosives, your structure resembles a large cup/base breakout setup with a strong support curve.
PREMEXPLN
What stands out:
Multi-month rounded base formation
Price reclaimed the long-term moving average (orange line)
Higher lows are forming into resistance
Recent candles show momentum expansion
Price is now attacking a level tested multiple times
This is often where expansion begins.
Levels I’d track:
Resistance zone: ₹605–615
This is the decision point.
If weekly closing sustains above it:
First target: ₹680–700
Second: ₹760–780
Extended: ₹850+
Why?
Approximate pattern depth:
₹605 − ₹320 ≈ ₹285
Measured move:
₹605 + ₹285 ≈ ₹890
Your arrow toward ₹760+ is conservative and technically reasonable.
Things I like here versus many momentum names:
It isn't already vertically overextended
Base duration is long
Risk can be defined clearly
Breakout is emerging after accumulation, not panic buying
Risk side:
Failure near ₹610 and move below ₹520 → likely back inside range
Break below ₹420 (major support / MA area) weakens structure considerably