Paytm shares show reversal signs after 12% drop in 2 weeks. What do analysts say?
From this critical support level, the stock strongly rebounded, forming a «Three White Soldiers» candlestick pattern on the daily chart, accompanied by significant volume.
This indicates a potential trend reversal and a strong bullish setup.
From a technical perspective, Paytm stock is trading above its key exponential moving averages (100 and 200 EMA), highlighting sustained bullish momentum, with the Relative Strength Index (RSI) at 48.54, signaling moderate momentum without entering the overbought zone.
With the above factors in consideration, Mandar Bhojane, Equity Research Analyst at Choice Broking suggests traders to be cautious at these levels and ensure risk management to optimize returns.
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