Sobha Limited – “Ready for a Range Breakout 🚀 Wave 5 Revival in Play”

🔍 Technical Overview Sobha Ltd. is showing signs of a Wave (5) resumption after a prolonged wave 4 corrective phase within a horizontal consolidation zone. Wave Structure: The stock completed Wave (4) near ₹1,200 in April 2025, followed by a sharp impulsive Wave (5) rise to ₹1,750. Since July, it has been consolidating in a range between ₹1,480 – ₹1,680, forming a base-building structure — a healthy pause within a larger uptrend. Trendlines & Moving Averages: The price has rebounded from the 200-day EMA (~₹1,500), which coincides with the lower end of the range, showing strong institutional demand there. The ascending trendline from April lows continues to act as dynamic support. Volume & Momentum: Recent candles near ₹1,600 are backed by increasing volume, hinting at accumulation before breakout. RSI is turning up from 50, confirming renewed bullish momentum. ⚙️ Trading Setup Entry (Aggressive): ₹1,600–₹1,620 (current zone) Entry (Conservative): On breakout above ₹1,680 with volume confirmation Stop Loss: ₹1,490 (below support & EMA200) Target: ₹1,950–₹2,000 Risk–Reward Ratio: ~1:2.5 🧠 Summary Sobha is gearing up for a range breakout after a textbook Elliott Wave correction. The structure suggests the next impulsive leg of Wave 5 could start soon, supported by a strong real estate sector outlook and robust price action.