HGS - Rising Wedge Breakout on Volume Spike | Daily Chart

📊 HGS – Rising Wedge Breakout on Volume Spike | RSI Above 70 | Fresh Bullish Momentum
📅 Chart Date: July 17, 2025
📍 CMP: ₹613.70 (+10.72%)
📈 Symbol: NSE:HGS | 1D Timeframe

🔍 Technical Analysis Breakdown
🔺 Rising Wedge Breakout
Price broke above the upper resistance of a rising wedge pattern.
Strong confirmation with a wide bullish candle and volume spike.

📊 Volume Surge
Volume: 1.17M against average volume of ~78K
Sudden institutional interest or news-based momentum likely behind the move.

📉 RSI (14, close): 73.03
RSI crossed into overbought territory, showing strong bullish momentum but could warrant caution or consolidation soon.

📌 Support & Resistance Levels
Breakout Zone: ₹580–₹590
Next Resistance: ₹650+ (gap-fill zone from earlier breakdown)
Support: ₹560 (upper trendline of broken wedge)

📌 Key Observations
First strong breakout since months of sideways to bullish accumulation.
Sustained close above ₹590–₹600 will confirm continuation.
Caution if price retraces inside wedge again.

🏁 Trade Setup
Entry: On Retest of ₹590–₹600
Target: ₹650 / ₹675
Stoploss: Below ₹560

Risk Level: Moderate (due to overbought RSI)

⚠️ Disclaimer: This is an educational chart setup and not trading advice. Please conduct your own research and risk management.

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