Bullish structure : ADVENZYMES - Ascending Triangle

May 28

### 🧾 **Chart Type & Time Frame**

* **Daily Candlestick Chart** (1D)
* **Exchange**: NSE (India)
* **Latest Price**: ₹305.95 (+6.12% on the day)
* **Volume**: 726.33K (well above average — **457.83%** Volume Run Rate)

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### 📉 **Trend Analysis**

* **Primary Trend**: Downtrend from ₹517.90 (high in Nov 2024) to a bottom around ₹257.90 (March 2025).
* **Current Action**: Price is showing a **potential reversal** from a long downtrend.
* **Higher Lows Pattern**: Since the bottom at ₹257.90, price has made:

* ₹261.10 → ₹266.00 → ₹273.65 → ₹306.85 → (Now breaking above ₹306.75)

This forms an **ascending triangle** pattern (bullish bias).

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### 📊 **Indicators & Overlays**

#### 1. **Moving Averages (EMA)**

* EMA levels:

* EMA-20: ₹290.07
* EMA-50: ₹292.01
* EMA-100: ₹310.17
* EMA-200: ₹337.89

**Current price (₹305.95)** is:

* Above EMA-20 & EMA-50 → Short-term bullish
* Slightly below EMA-100 and EMA-200 → Mid-to-long term resistance still ahead

If it breaks and sustains above EMA-100 & EMA-200, stronger uptrend confirmation.

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#### 2. **Fibonacci Retracement (from ₹571 to ₹258)**

* **Key levels:**

* 23.6% → ₹497.15
* 38.2% → ₹451.45
* 50% → ₹414.55
* 61.8% → ₹377.65
* 78.6% → ₹325.05 *(Immediate target zone)*

**Price approaching 78.6% retracement (₹325.05)**, which is a key resistance zone. A breakout here can push prices towards ₹337-₹350 zone.

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#### 3. **RSI (14, Close)**

* Current RSI: **\~62.90**
* Moving above the 60 level, indicating building bullish momentum.
* Still not overbought (>70), room for upward move exists.

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#### 4. **Volume**

* Spike in volume on the breakout day → Strong confirmation.
* Today's volume: **726.33K** vs average 163.81K → Over **4x average**.

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### 📌 **Support & Resistance Levels**

#### Key Resistance:

* ₹306.85 (recent swing high) → **Broken today**
* ₹325.05 (Fibo 78.6%)
* ₹337.89 (EMA-200)
* ₹350–365 (previous price clusters)

#### Key Support:

* ₹293–296 (previous resistance, now support)
* ₹273.65 (swing low)
* ₹258 (Fibo 100% level)

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### 🔺 **Pattern Observed**

* **Ascending Triangle** breakout confirmed with high volume
* Bullish structure: Higher lows with flat resistance (₹306 zone)
* If price sustains above ₹306, could target ₹325–₹350 short term

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### 🔮 **Conclusion & View**

✅ **Bullish Bias in Short Term**

* Breakout of important level with strong volume
* RSI supportive
* EMA crossovers may follow if trend continues

📈 **Short-Term Target**: ₹325 → ₹337 → ₹350
📉 **Stop Loss**: ₹293 or ₹280 (based on risk appetite)

📌 Disclaimer: This analysis is for educational and informational purposes only and does not constitute investment advice. Please do your own research or consult with a financial advisor before making any trading decisions. Markets are subject to risks.

Jun 11

Trade active

📈 **Short-Term Target Update**: ₹325(First Target Achieved) → ₹337 → ₹350
📉 **Stop Loss**: ₹293 or ₹306 (Revise based on risk appetite)