Synopsis: Physics Wallah has formed an ascending triangle pattern on the daily chart, indicating a potential bullish breakout and possible upside movement in the short term.
An ascending triangle is a bullish chart pattern formed by rising lows and a flat resistance level. The chart shows a bullish breakout attempt above the resistance neckline. Rising trading volumes indicate increasing buying interest and suggest the possibility of a short-term upward move.
Physics Wallah moved above the important resistance level of Rs 113 on Friday and successfully held above it, making the level a strong support zone. The stock closed at Rs 113.85 on the daily chart, showing improving bullish momentum and positive price strength.
In an ascending triangle pattern, traders generally look for a breakout above the resistance level and project a target based on the height of the triangle, while strong volume and momentum help confirm the bullish move.
Physics Wallah Ltd Chart: 1-day Timeframe
Indicator Confirmation
- RSI: The daily RSI indicates buying pressure, as it rose from 62.54 in the previous trading session to 64.17 on Friday.
- Price Volume Trend: The Price Volume Indicator confirms the uptrend, accompanied by an increase in buying volume in the daily timeframe.
- Moving Averages: On the daily time frame, the 5-day EMA was above the 9-day EMA, further confirming a bullish trend.
Implications
The ascending triangle pattern indicates continued upside potential. Maintaining levels above the Rs 113 support mark, especially with strong trading volumes, would further strengthen the near-term bullish outlook.
About the stock
Physics Wallah is a popular Indian ed-tech company founded by Alakh Pandey and Prateek Maheshwari, offering affordable online and offline education for students across India. The company provides coaching for competitive exams like JEE and NEET, along with school education, skill development, and professional courses through its app, YouTube channels, and offline centres. Known for its student-friendly approach and teaching in multiple regional languages, Physics Wallah has become one of India’s fastest-growing education platforms.
Physics Wallah has gained 7.20% over the past month, showing signs of short-term recovery. However, the stock remains under pressure, declining 27.21% over both the last six months and on a year-over-year basis. For more such technical stock ideas, clickhereto view our research page.
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