Bounce from the Depths - Testing Critical Demand Zone

After a brutal 50% crash from ₹245 ATH to ₹120 panic lows, REDTAPE is attempting recovery. Now testing the make-or-break demand zone at ₹155-170.

🔍 Technical Snapshot:

🔺 Critical Resistance: ₹155-170 (demand zone reclaim needed)
🔺 Major Target: ₹220 (previous distribution area)
🔻 Support: ₹125-130 (recent lows - must hold)
📈 RSI: 52 (crossing above 50 - first momentum shift in months)
📉 Pattern: Potential double bottom forming at ₹125 vs ₹110 lows

What I'm Watching:

1️⃣ Tan demand zone (₹155-170) ahead - The battleground for bulls
2️⃣ Higher low structure: ₹125 vs previous ₹110 low = Improving
3️⃣ RSI breaking above 50 after months of weakness = Momentum reversing
4️⃣ Still trading below ALL major MAs - long-term structure remains bearish
5️⃣ Red MA declining sharply - needs reclaim for trend confirmation
6️⃣ Blue arrow projection: ₹125 base → ₹139 bounce → Target ₹200+ if ₹170 breaks

RRR is favourable at CMP.

Recovery plays from panic lows offer asymmetric setups - high risk, higher reward 🎯

Not advice - just what the chart shows.

Breakout Scenarios:
- Above ₹170 with volume → ₹190-220 targets (+36-58%)
- Below ₹125 breakdown → ₹110 panic zone (-21%)

The Setup: This isn't a consolidation - it's a recovery bounce testing critical resistance. Break above ₹155-170 confirms reversal. Rejection sends it back to test ₹125 lows.

Key Decision Levels:
→ ₹170 break = Recovery confirmed
→ ₹155-170 rejection = Range-bound torture continues
→ ₹125 break = Back to panic zone

Next 2-4 weeks critical. Volume surge above ₹170 will separate hope from reality. 🔥

⚠️ Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Views are personal. Please, do your due diligence before investing. (#DYOR)⚠️

💬 What's your take on this recovery attempt? Sustainable or dead cat bounce? Drop your views below! ✌️

🔥 Trade Safe! ✅ 🚀