Tanla - Monthly Chart - Ascending Channel - Long

18 Tem

Tanla Platforms Ltd. has been trading within a well-defined ascending channel for almost 10 years now. The support at the bottom of the channel and the resistance at the top of the channel have been tested many times over the years, as the chart shows.

The Price has again bounced after touching the bottom of the channel last month and RSI has a strong upward trajectory.

Key Points:

• Ascending Channel: The stock has maintained an ascending channel for almost a decade, with the price consistently respecting the channel's boundaries.
  
• Support at Bottom: The lower boundary of the channel has been tested multiple times and has held strong, indicating robust support.
  
• Resistance at Top: The upper boundary of the channel has also been tested multiple times, acting as a reliable resistance level.
  
• Recent Bounce: The price recently hit the bottom of the channel last month and bounced off, suggesting a possible continuation towards the upper boundary.
  
• Volume Analysis: The volume has shown significant spikes during periods of upward movement, reflecting strong buying interest.
  
• RSI: The RSI (14) is currently at 52.98 and trending upwards, indicating growing bullish momentum. The RSI's upward trend further supports a bullish outlook.
  

Disclosure: Invested at 920.00

Disclaimer: This analysis is for educational purposes and should not be considered financial advice.