Electrotherm (India) Ltd – Coiling Setup with Volume Pickup, RSI Yet to Confirm
ELECTHERM
The stock is currently trading within a contracting triangle pattern — a classic compression zone — with lower highs and higher lows hinting at a potential breakout or breakdown scenario.
Recent candles show buying interest, backed by rising volumes, but the price is still below the key resistance trendline and the psychological ₹1000 mark.
🔄 Momentum Watch:
RSI is gradually climbing but continues to stay under its own descending resistance trendline. A sustained move above 60 could validate strength and signal trend continuation.
📌 What to Monitor:
Resistance: ₹1213 remains a significant ceiling.
Volume: Recent uptick in volume suggests accumulation.
Trigger: Breakout above the red descending trendline with RSI > 60 may confirm a directional move.
⚠️ Risk Note: Range-bound action can persist until a decisive breakout occurs.
📢 Disclaimer: For educational and technical analysis purposes only; not investment advice.
👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)