IRCTC Daily Chart Analysis
Overview: The IRCTC stock chart shows a bearish trend with a confirmed descending triangle pattern. The price broke below 915 in late October, suggesting the descending triangle pattern has completed. This breakout reinforces the bearish sentiment and could signal a continuation of the downtrend.
Support and Resistance Levels:
Support: This level would be the next support zone if the price fails to hold 800.
Resistance: A notable resistance level appears to be around 915 and 1130.
Volume Analysis:
In the latest candles, volume is relatively low, suggesting limited buyer interest at current levels. This may indicate consolidation or a lack of bullish strength.
Descending Triangle (Bearish Continuation):
Formed from mid july to september. In october there is breakout and this breakout reinforces the bearish sentiment and signaling a continuation of the downtrend.
Key Indicators: Monitor the 50-day and 200-day moving averages, RSI for overbought conditions, and volume for breakout confirmation.
Disclaimer: This analysis is provided solely for educational purposes and does not include any recommendations. For any financial decisions, it’s advised to consult with your financial advisor.