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Steel Strips Wheels Limited has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. The stock has broken a rectangle formation. A decisive break of the resistance at 166 will signal a further rise to 187 or more. The stock has broken up through resistance at rupee 180. This predicts a further rise.
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In case of negative reactions, there will now be support at rupee 180. Positive volume balance strengthens the stock in the short term. RSI above 70 shows that the stock has strong positive momentum in the short term. Investors have steadily paid more to buy the stock, which indicates increasing optimism and that the price will continue to rise. The stock is overall assessed as technically positive for the medium long term.
