Greaves Cotton (Daily Timeframe) - Will it BreakOut or Not?

Greaves Cotton since it's Double-Top formation has been in a downtrend. A key support level has become a resistance zone, which it's been trying to BreakOut few times. The stock has been forming Higher Lows for a while now. Few attempts to BreakOut has been futile. The recent BreakOut attempts been with huge volume spikes. Short-term EMAs are in positive cross-over state.

If it's able to BreakOut then the possible upside target is around 244. If not, we can expect the stock to go down to 198 levels.

Keep monitoring.