IRCTC Chart Turns Bullish with Ascending Triangle Formation; Details Inside

Synopsis: Indian Railway Catering & Tourism Corporation Ltd is forming an ascending triangle pattern on the 30-minute chart, suggesting the possibility of a short-term bullish breakout.

An ascending triangle is a bullish continuation pattern marked by higher lows and a flat resistance level, forming a triangle that signals increasing buying pressure toward resistance. The chart shows a confirmed bullish breakout above horizontal resistance. Supported by strong volume, it signals rising buying pressure and a potential near-term upward move.

On Friday, Indian Railway Catering & Tourism Corporation Ltd moved above the ascending triangle’s neckline on the 30-minute chart and held above the Rs 637 mark, strengthening its bullish momentum.

In an ascending triangle, price targets are estimated either at nearby resistance levels or by projecting the triangle’s height from the breakout point. Traders generally look for strong volume and momentum to confirm the move and may trail profits as prices rise after the breakout.

Indian Railway Catering & Tourism Corporation Ltd Chart: 30-minute Timeframe

Indicator Confirmation

RSI: The daily RSI indicates bullish momentum, as it rose from 50 in the previous trading session to 58 on Friday, confirming the bullish reversal.

MACD: On the daily time frame, the Blue MACD line was above the orange signal line, with the histogram turning green, indicating bullish momentum.

Moving Averages: On the daily time frame, the 5-day moving average was above the 9-day moving average, further confirming a bullish trend.

Price Volume Trend: The Price Volume Indicator confirms the uptrend, accompanied by a sharp increase in buying volume in the daily time frame.

Implications

The ascending triangle suggests further upside potential, and holding above the Rs 637 support level, particularly on strong volume, would reinforce near-term bullish momentum.

About the stock

Indian Railway Catering and Tourism Corporation Limited (IRCTC), established in 1999, is a Navratna public sector enterprise under the Ministry of Railways. It professionalizes and upgrades catering, hospitality, and tourism services for Indian Railways. The company operates through four primary verticals: Internet Ticketing, Catering and Hospitality, Travel and Tourism.

Over the past month, Indian Railway Catering & Tourism Corporation Ltd has gained 5.10%. Despite this short-term rise, the stock is still down 11.87% over six months and 12.39% year-on-year. For more such technical stock ideas, click here to view our research page.

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