is chart of trading at 615.80 shows a broader long-term uptrend that is currently emerging from a healthy corrective phase. After an impressive rally from the 240 levels all the way up to highs above 720 the stock understandably entered a cooling-off period. It formed a sequence of lower highs and lower lows during this correction. However the recent strong green candles suggest a shift in momentum with the stock attempting a reversal back into its primary uptrend. Immediate support the stock recently found strong buying interest near the 540-560 zone. This is the critical floor for the current setup. Major support below that there is a very well-established historical base around the 480-500 level. This area previously acted as a strong resistance and has now flipped to major support. Immediate hurdle the price needs to confidently clear the 640-660 area to confirm that the correction is fully over. Major resistance if it breaks the immediate hurdle the path opens up toward retesting the previous highs in the 740-760 zone. If the stock closes above 640 with high volume we can consider it for a swing trade. It can be viewed as a risky play so make sure to maintain your stop loss. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.

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