United Spirits shares witness 10% rally in 2 weeks. Will the bull run sustain?
The stock had been making higher highs and higher lows over the past few months on the daily timeframe, indicating sustained bullish momentum. Recently, it had consolidated near its immediate support zones and had shown a sharp upward move of nearly 10% in the last two weeks, suggesting renewed buying interest.
“A potential breakout from this consolidation range appears to be underway, further supported by a bounce from the critical support levels. The stock has also recently reclaimed its short-term and medium-term Exponential Moving Averages (EMAs), reinforcing the bullish outlook,” said Hardik Matalia, Derivatives Analyst at Choice Broking.
This EMA bounce highlights the continuation of the primary uptrend, suggesting strength in the underlying price action. However, the Relative Strength Index (RSI) currently stands at 76.54, nearing overbought territory, which indicates the possibility of a time-wise correction or sideways movement in the near term.
Such consolidation could offer a buying opportunity on dips as the stock stabilizes within its trend, Matalia believes.
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