CreditAccess Grameen sees a triangle breakout! Know more about the target level

CreditAccess Grameen is a non-banking financial company (NBFC) engaged in the microfinance sector. Its services are focused on the rural poor and low-income households, particularly women.

The stock of CREDITACC has zoomed over a massive 7% today. After a strong gap-up, the stock continued to trade higher and formed a strong bullish candle with an open=low scenario. On the technical chart, the stock has seen a triangle breakout at Rs 1011 on the daily timeframe. This breakout is accompanied by above-average volume which is greater than the 10-day, 30-day and 50-day average volume.

Along with its bullish price structure, several technical parameters support its bullishness. The 14-period daily RSI (61.38) has entered the bullish territory and is above the prior swing high. Interestingly, the MACD has given a bullish crossover and indicates a possible bullish momentum. The On Balance Volume (OBV) is at its peak and reflects strong strength from the volume’s perspective. The KST and TSI indicators maintain a bullish view along with the Elder Impulse System. Moreover, it is above all the key moving averages and all of them indicate bullishness.

On YTD basis, the stock has jumped over 75% and has outperformed its peers and broader market by a broad margin. Despite consolidating for a month, the stock is finally ready to soar higher. Considering the above points, the stock is expected to continue its bullish track after the breakout. It is expected to test the levels of Rs 1200, followed by Rs 1230 in short to medium term. It presents a good opportunity from swing trading for traders. With the stock showing sign of halting, the stock is a good buy as per the technical analysis.

CreditAccess Grameen is a midcap company with a market capitalization of over Rs 16300 crore. The stock is in limelight because of its extremely bullishness recently and is a stock to watch in upcoming days.