Clean Energy is once again showing signs of strength on the technical charts. After a strong bullish rally earlier, the stock had moved sideways for a few days. But now, it is forming a fresh bullish pattern, taking support at its 9-day Exponential Moving Average (EMA).
In the last trading session, the stock closed at ₹408, gaining ₹1.45 or about 0.36%. While this may seem like a small move, technical analysts believe it’s a sign of the next upward trend beginning to form.
Taking Support at Key Levels
The 9-day EMA is an important short-term trend indicator. Stocks that hold above this level often show that buyers are still in control.
In Clean Energy’s case, the stock has successfully taken support near this average, which could mean a new rally is around the corner.
This setup is commonly seen in strong stocks that are preparing for another leg up. The sideways phase allowed the stock to cool off, and now it appears ready to resume its uptrend.
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Bullish Views from Analysts and Brokers
Many trading houses and research firms have shown a positive view on the stock. They believe Clean Energy has the potential to cross the ₹500 mark in the short term, driven by strong technical signals and positive sentiment.
Their bullish outlook is based on a combination of chart patterns, trend support, and consistent buying interest at lower levels.
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Short-Term Momentum Picking Up
Though the recent move was moderate, the setup is gaining strength. Traders often watch for a bounce from the 9-day EMA as a reliable signal to enter fresh positions.
With volume holding steady and no major selling pressure, momentum may pick up again soon.
A strong breakout above near-term resistance could take the stock into higher territory, especially if market conditions remain favorable.
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