Technical Analysis NTPC Green Energy

The stock

is daily chart after a prolonged downtrend where the price steadily dropped from the 120 down to the low 80 the stock has suddenly exploded upward. The giant green candle on the far right shows incredible buying pressure aggressively pushing the price from around 84 to a high near 104 in a very short time. This sudden upward move is backed by an enormous spike in trading volume the unusually tall bar at the bottom right. In technical analysis volume is the fuel for price movement. This indicates that big buyers stepped in heavily making this breakout highly credible rather than a fakeout. The stock peaked near 104 before pulling back slightly to its current level of 98.88. This 104 mark is the immediate ceiling. If buyers push it past this point the next major resistance zone is around 108 to 112. If the stock cools down after this rapid climb immediate support sits around the 88 - 90 zone where the breakout started gaining speed. The ultimate strong floor is now established at the recent bottom between 80 and 84. Current holders comfortably hold your shares as the massive volume breakout strongly signals that the long downtrend is finally over. If the stock breaks the 104-105 resistance zone with high volume high-risk traders can take a position for the short term. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.