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Rajneesh Sharma CFTe

5th Jan · SEBI-Registered Analyst

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)

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