📈 Waaree Energies Ltd- Approaches Classic Cup Pattern Breakout

Waaree Energies Ltd is presenting a textbook Cup pattern breakout setup on the daily chart, with bullish momentum accelerating toward the critical neckline resistance at ₹3,109.15. The stock rallied sharply on June 21st, closing at ₹2,989.00, up +11.90%, accompanied by a volume surge of 13.61 million shares — the highest in recent months. 🔍 Pattern Breakdown The Cup pattern has developed over six months, starting in December 2024 and curving upward into June 2025. The rounded base reflects a strong accumulation phase, with key support around ₹2,300–₹2,500. This bullish structure is now nearing its breakout neckline at ₹3,109, a level that previously rejected upward momentum. 📊 Technical Implications Cup Depth: ~₹800 (₹3,100 neckline – ₹2,300 base). Breakout Target: ₹3,100 + ₹800 = ₹3,900 projected upside post-breakout. The volume spike on June 21 indicates strong buyer interest ahead of a potential breakout. Price is now just ~₹120 below breakout, making this a high-alert setup. 🚦 What to Watch A daily close above ₹3,109 with continued volume expansion would confirm the Cup breakout. Conservative traders may wait for a breakout and retest of the ₹3,100 zone before entry. 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. I may or may not be holding a position in the stock mentioned. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.