Technical Analysis Olectra Greentech Limited.

The stock

is after a heavy downtrend from the 1700+ levels down to the 900 zone the stock has made a sharp V-shaped recovery. The short-term trend has clearly shifted to bullish. The price has been steadily climbing and forming higher highs over the past few weeks. Major Support the 900 to 950 area is now a very strong support base. You can see the heavy buying started exactly when the price dropped to this bottom. Immediate Resistance the stock is currently testing a resistance zone near 1370 to 1400. If it manages to cross and sustain above 1400 the next major hurdle will be around the 1500 level. existing holders should continue holding their positions but trail their stop-losses to protect recent gains as the stock is currently testing a crucial resistance zone. Fresh short-term buyers should avoid entering right at this peak after such a steep continuous rally. It is much safer for new buyers to wait for a clear daily close above the 1400 level for momentum confirmation or look to enter during a minor pullback for a better risk-reward setup before the next potential move towards 1500. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.