NSE :JP POWER: Breakout from a wedge pattern is apparent on its Hourly Chart

1. A breakout in seen from a wedge pattern with good volume on hourly chart of JP Power.
2. In Wedge consolidation prices were oscillating around 21 day moving average, signalled range bound movement.
3. Volume rose when prices rally- up within the wedge, and Volume diminished, when price moved down within the wedge.
4. The lower channel of wedge was at support of 23.6% retracement  of its previous downfall from 26.25 to 19.95.
5. MACD bars were also squeezed during Wedge consolidation.
6. MACD bars are started rising with the breakout on the upside, signalling strength in the momentum , plus confirming the breakout.
7. ADX   : Green line also moved above 20 line , further confirming the move.