Pattern Analysis
- The chart highlights Double Bottom and Triple Bottom formations, indicating a potential medium-term bullish reversal.
- Strong accumulation is visible between 8.00 – 9.00, where multiple Buy signals emerged.
- The price is currently consolidating below a major resistance zone of 15.23 – 15.50.
- A confirmed breakout above 15.23 may open the path toward 16.84 and 18.35 targets.
Key Levels
- Support Zone: 8.00 – 9.00
- Immediate Resistance: 15.23
- Next Upside Targets:
- 16.84
- 18.35
Trend Structure
- The formation of Higher Lows (HL) suggests that the trend structure remains bullish.
- Sustained closing above 15.23 will confirm a breakout and may trigger a strong upward continuation.
WEBIAZ Remark
Merit Packaging Limited is showing a strong recovery setup. The weekly chart indicates that buyers are regaining control, and a breakout above 15.23 could fuel momentum toward 16.84 and 18.35.
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