Technical Analysis INOX India Limited.

The stock $INOXINDIA is currently in a very powerful long-term bullish trend on the daily timeframe. The chart shows an excellent structure of continuous growth with explosive momentum over the last few months. Strong Uptrend & Breakouts after moving sideways between 1100 and 1200 early in the year the stock had a major breakout in mid-April. Following that it consolidated and built a very strong support base around the 1427 level clearly marked by your horizontal line. From this base it launched into another massive rally in June. After crossing the psychological 2000 level and making an all-time high the stock is currently facing some standard profit booking. It is trading around 1868. After a steep vertical climb this kind of pullback is a very healthy and normal part of market cycles. For short-term traders the stock is currently undergoing a healthy correction after hitting a peak near 2100 making it wise to wait for the price to stabilize. It is best to avoid rushing into fresh long positions until the stock establishes a clear reversal pattern or finds strong support around the 1750–1800 zone. Existing investors who holding the stock from lower levels should continue to hold with confidence as the primary long-term uptrend remains completely intact. This minor pullback is just standard profit-booking after a massive rally and there are no technical signs of a major trend reversal on the daily chart.