Powergrid emerging from 3 years' consolidation

Synopsis:

Break - out of 3 years' consolidation


Rounding higher lows and higher tops formation on weekly chart


An open and close above a major resistance on weekly chart


RSI at 68.11 suggesting strength for the upside even in the coming weeks.


MACD in favor of bulls for 7 weeks.


Fast Stockastic and EMV suggest an over-bought zone still not reached on weekly chart.

As it is seen in the 8 years' weekly chart, the stock has given a break - out from 3 years' consolidation and is challenging the higher side of Bollinger Band.


Despite the spurt, the momentum indicators have not reached the over-bought territory.

As we see on the weekly Candlestick Chart, the stock has been forming higher lows and higher tops for 6 weeks and have closed above the intermediate resistance of 112.


Only a closing of 108 or below on weekly basis can be considered as a fall of this structure until the stock is a best bet for creating long for short term view.