Range Breakout in Lenskart Solutions Limited – Momentum Ready Setup 🔥

Technical Structure This chart reflects a clean rectangular consolidation breakout, a classic setup before a trending move. Range Formation: Price was consolidating between ₹485–₹550 for multiple sessions Accumulation Phase: Tight price action indicates institutional absorption Breakout: Strong bullish candle closing near highs above ₹550 resistance Such breakouts often lead to quick directional moves due to trapped sellers and fresh buyers entering. Elliott Wave Perspective Consolidation can be viewed as a Wave 4 sideways correction Current breakout signals the start of Wave 5 impulse Typically, this wave pushes price to new highs with momentum Momentum & Price Action Strong bullish candle with wide range → momentum expansion Higher lows within range → buying pressure building up Breakout with conviction → reduces chances of fakeout AVWAP Insight Price reclaiming higher value zones post consolidation Indicates smart money participation during the range phase Trade Setup Breakout Level: ₹550 Target Zone: ₹615–₹620 (≈12–13% upside as marked) Invalidation: Close below ₹520 Why This Setup Works ✔ Tight consolidation (energy build-up) ✔ Clean horizontal breakout ✔ Momentum candle confirmation ✔ Elliott Wave 5 possibility Conclusion This is a textbook breakout-after-consolidation setup. Stocks breaking out of such ranges often move swiftly with limited pullbacks, especially when backed by momentum.