After correcting 20%+ from ₹1,958 ATH, SUNPHARMA has spent 12 MONTHS building a base around ₹1,629. Classic descending triangle forming at apex.
🔍 Technical Snapshot:
🔺 Resistance: ₹1,700 (trendline + psychological)
🔻 Support: ₹1,629 (tested 5x, holding firm)
📈 RSI: 59 ( bullish, room to 70)
📉 Pattern: Descending triangle - lower highs meeting higher lows
What I'm Watching:
1️⃣ Trendline resistance at ₹1,700 (declining from ATH)
2️⃣ Each test of ₹1,629 support absorbed with higher lows
3️⃣ RSI sitting neutral - no momentum extreme yet
4️⃣ Volume declining during consolidation = Energy coiling
5️⃣ Breakout & retest of the trendline will be the perfect confirmed setup
Risk/Reward from ₹1,679:
- Upside to ₹1,970 = +15%
- Beyond ₹1,700 = ₹1,800-1,970 in play
The longer the consolidation, the bigger the eventual move 👀
Not advice - just what the chart shows.
Breakout Scenarios:
- Above ₹1,700 with volume → ₹1,750-1,800 targets (+4-7%)
- Below ₹1,629 breakdown → ₹1,580-1,550 risk (-3-8%)
The Setup: 6 months of compression between declining resistance and flat support = Spring loading.
The longer the base, the bigger the eventual move ⚡
Next 2-4 weeks critical. Watching for volume confirmation on direction. 🔥
⚠️ 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)⚠️
💬 Share your thoughts in the comments below! ✌️
🔥 Trade Safe! ✅ 🚀
🔍 Technical Snapshot:
🔺 Resistance: ₹1,700 (trendline + psychological)
🔻 Support: ₹1,629 (tested 5x, holding firm)
📈 RSI: 59 ( bullish, room to 70)
📉 Pattern: Descending triangle - lower highs meeting higher lows
What I'm Watching:
1️⃣ Trendline resistance at ₹1,700 (declining from ATH)
2️⃣ Each test of ₹1,629 support absorbed with higher lows
3️⃣ RSI sitting neutral - no momentum extreme yet
4️⃣ Volume declining during consolidation = Energy coiling
5️⃣ Breakout & retest of the trendline will be the perfect confirmed setup
Risk/Reward from ₹1,679:
- Upside to ₹1,970 = +15%
- Beyond ₹1,700 = ₹1,800-1,970 in play
The longer the consolidation, the bigger the eventual move 👀
Not advice - just what the chart shows.
Breakout Scenarios:
- Above ₹1,700 with volume → ₹1,750-1,800 targets (+4-7%)
- Below ₹1,629 breakdown → ₹1,580-1,550 risk (-3-8%)
The Setup: 6 months of compression between declining resistance and flat support = Spring loading.
The longer the base, the bigger the eventual move ⚡
Next 2-4 weeks critical. Watching for volume confirmation on direction. 🔥
⚠️ 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)⚠️
💬 Share your thoughts in the comments below! ✌️
🔥 Trade Safe! ✅ 🚀
Anubrata Ray ⚡
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Anubrata Ray ⚡
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.