Technical Analysis Lumax Industries

The stock $LUMAXIND is from roughly August to February the stock was in a very powerful uptrend. It climbed steadily from the 3800 level and exploded upwards to a massive peak near the 6700–6800 zone in early February. You can see a massive green volume spike right at the top, showing extreme buying interest. The stock is trading at 5448.00. Since April it has been in a recovery phase. The good news is that it is forming higher lows meaning each recent dip stops at a higher price than the previous dip. Immediate Support Around 5200 - 5000 if the stock continues to drop from its current price of 5448, this is the first area where it should find a safety net. The chart shows that buyers stepped in around this level a few times in early to mid-May. Major Strong Support around 4600 - 4800 this is the strongest and most important floor. Immediate Resistance around 5800 - 6000 this is the first big hurdle the stock needs to jump over to prove it is back in a strong uptrend. As you can see on the right side of the chart, it recently tried to cross this area but got pushed back down. Major Resistance around 6600 - 6800 this is the ultimate ceiling. This was the all-time peak the stock hit back in February before the big crash. For short-term buyers, a fresh entry opportunity emerges on dips near the immediate support zone of 5200–5300, aiming for a tactical bounce back toward the 5800–6000 resistance ceiling with a strict stop-loss. Meanwhile, existing holders should comfortably maintain their positions since the stock is safely sustaining its structure of higher lows well above the critical 4600–4800 base. However both buyers and holders must closely monitor the 6000 level as a decisive breakout above it.