🚀 Range Breakout Setup in a Strong Metal Play

📊 Technical Breakdown 1. Elliott Wave Structure After a strong impulsive move, the stock entered a sideways corrective phase (Wave 4). The boxed range clearly represents consolidation before the next leg. The current breakout attempt signals the start of Wave 5, which can push prices to new highs. 2. MACD Divergence (Hidden Strength) During the sideways phase, price remained flat, but momentum likely reset and formed higher lows. This indicates hidden bullish divergence, suggesting accumulation. Momentum is now ready to expand with trend continuation. 3. AVWAP + Range Resistance (~₹275–₹280) Price is now breaking above a well-defined resistance zone. This level has acted as multiple rejection points in the past. 👉 Key insight: Sustaining above ₹280 = clean breakout confirmation This zone flips into strong support 📈 Price Structure Insight Trend: Uptrend (higher highs & higher lows) Current phase: Range compression Behavior: Strong bullish candle near breakout 👉 This is a classic “base → breakout → expansion” structure. 💰 Fundamental Strength The setup is supported by strong business dynamics: ✅ Integrated steel + power business model ✅ Beneficiary of infra & capex cycle ✅ Improving operating margins during upcycle ✅ Strong cash flow generation in favorable cycles