Universal Cables – Textbook Inverse Head & Shoulders Near Breakout

Universal Cables is showing a highly constructive multi-month reversal structure with strong volume confirmation. Here's the clean technical breakdown: 🔍 Key Technical Observations 1. Strong Inverse Head & Shoulders Pattern The chart displays a well-formed inverse H&S structure: Left Shoulder: August–September 2024 Head: March 2025 bottom Right Shoulder: June–September 2025 The neckline sits around the ₹870 zone, which price is now retesting. This is a powerful long-term bullish reversal pattern. 2. Exceptional Volume Near the Neckline A clear surge in volume accompanies the recent rally toward the neckline. This is exactly what you want to see in a structural reversal—volume expansion validating buyer conviction. 3. Positive Relative Strength (vs CNX500) RS has crossed into positive territory. Indicates outperformance vs the broader market, supporting the bullish structure. 4. OBV Rising On-Balance Volume ticking up strongly. Suggests consistent accumulation, and no signs of distribution. 5. Price Holding Above 30-Week SMA The 30-week moving average has turned up. Price staying above it confirms trend recovery. 📝 Summary Universal Cables is showing one of the cleaner long-term reversal structures in the midcap space. The inverse head & shoulders, combined with powerful volume and improving relative strength, makes this chart structurally strong. A decisive close above the neckline would be an important development to track. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)