OFSS NEW ALL TIME HIGH INCOMING!!This chart illustrates the technical analysis of Oracle Financial Services Software Limited (OFSS) on a 4-hour timeframe. The price is currently trading around ₹12,510, consolidating near a critical resistance level of ₹12,650. A breakout above this level is required to confirm bullish momentum and unlock the potential upside towards the next target zones at ₹12,885, ₹13,130, and ₹13,450.
The Fibonacci retracement levels are plotted to identify significant support and resistance zones. The immediate bullish view remains intact as long as the price holds above ₹12,360 on a closing basis, as marked in red for invalidation. Failure to sustain above this level could trigger a correction or consolidation towards lower support zones, highlighted in yellow.
The chart's volume analysis suggests relatively lower trading volumes during the recent consolidation, indicating the need for stronger participation to validate the breakout. The green zone highlights the target range if a breakout occurs, aligning with Fibonacci levels and historical price action.
Traders should monitor the price action and volume closely, as any decisive move above ₹12,650 could provide a bullish continuation signal. Conversely, a drop below ₹12,360 may indicate a short-term reversal or pause in the uptrend.
