Synopsis: Physicswallah Ltd’s 4-hour chart displays a Morning Star pattern, hinting at a short-term bullish reversal.
The Morning Star pattern indicates a shift in momentum, with buyers regaining control after recent weakness. A small-bodied candle sandwiched between a bearish candle and a strong bullish candle highlights a shift in market sentiment, signalling that buyers are reclaiming control.
On Thursday, Physicswallah Ltd formed a Morning Star pattern on its 4-hour chart. Breaking above Rs 105.5 signals further gains, while dropping below it invalidates the bullish outlook.
Traders usually set targets near the closest overhead resistance levels. As the price rises, they trail profits and take gains at key resistance zones, monitoring volume and momentum for signs of buying exhaustion.
Physicswallah Ltd Chart: 4-hour Timeframe
Indicator Confirmation
- RSI: The daily RSI indicates strong buying pressure, as it rose from 29.23 in the previous trading session to 50.44 on Thursday.
- Price Volume Trend: The Price Volume Indicator confirms the uptrend, accompanied by a sharp increase in buying volume in the daily time frame.
Implications
A Morning Star pattern suggests potential upside for the stock. A sustained breakout above Rs 105.5 on high volume would confirm the bullish reversal and reduce the risk of a false signal.
About the stock
Founded in 2020, PhysicsWallah (PW) is a Noida-based education platform that grew from a 2016 YouTube channel. PW provides online, offline, and hybrid learning across multiple vernacular languages. Its diverse educational offerings include test preparation, skilling, higher education, and study abroad programmes.
Over the past month, Physicswallah Ltd has fallen 2.71%. The stock is down 21.65% over the last six months and has slipped 31.43% compared to the same period last year. For more such technical stock ideas, click here to view our research page.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
