OIL Range Breakout with Strong Volume Confirmation

Timeframe: Daily (1D)
📌 Chart Observed: Appears to be a stock forming higher lows after a strong recovery from
bottom.
🔍 Pattern Noticed:
• Price breakout above 200 EMA – typically a strong trend reversal signal.
• Today’s candle shows a bullish engulfing move with a volume spike, indicating buyer interest.
• RSI bouncing from 50 zone – suggests momentum revival.

📊 Volume: Higher than last 10-day average, confirming breakout interest.
🧭 Support Zone: ~₹425–₹430
🚀 Potential Upside (If trend continues): ₹470–₹500 zone
⚠️ Caution: Avoid entry if price falls below 200 EMA again or if volume fades on follow-up candles.

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📌 Disclaimer:-

“I am not a SEBI registered advisor. This is just my personal analysis shared for educational and observational purposes. Please consult your financial advisor before making any trading or investment decisions.”