Supriya Lifescience (W): Bullish, Awaiting Breakout ConfirmationThe stock is in a classic bullish consolidation pattern. After establishing a major bottom in March 2023, the price has been in a clear uptrend. The current "Ascending Triangle" pattern shows that pressure is building for a significant move.
📈 1. The Dominant Pattern: Ascending Triangle
- Formation: Since October 2024, the stock has been forming a clear Ascending Triangle. This is defined by:
1. A flat, horizontal resistance line that has rejected multiple breakout attempts.
2. A rising support trendline , indicating that buyers are stepping in at progressively higher prices.
- Implication: This pattern is bullish because it shows that sellers are holding a fixed line, but buyer aggression is steadily increasing.
🚀 2. The Current Setup (The "Coiling Spring")
- Pressure Building: The stock has made several attempts to break the resistance and failed. This is normal and builds energy for the eventual move.
- Imminent Test: The stock is once again testing this critical resistance this week . The price is being compressed between the rising support and the flat resistance, which usually precedes a volatile move.
📊 3. Key Technical Indicators
- RSI: The Relative Strength Index is rising on both the Monthly and Weekly timeframes. This shows that long-term and medium-term momentum is building in favor of the buyers.
- EMAs: The short-term Exponential Moving Averages are in a "PCO" (Price Crossover) state, confirming the immediate trend is bullish.
🎯 4. Future Scenarios & Key Levels to Watch
This setup provides two very clear outcomes:
🐂 The Bullish Case (Breakout)
- Trigger: A decisive, high-volume close above the horizontal resistance of the triangle.
- Confirmation: This move would confirm the triangle is complete and the next leg of the uptrend has begun.
- Target: The next logical price target would be ₹1,300 .
🐻 The Bearish Case (Breakdown)
- Trigger: The stock fails at resistance again and, more importantly, breaks below the triangle's rising support trendline .
- Confirmation: This would invalidate the bullish pattern.
- Target: The price would likely fall to retest the next major horizontal support level at ₹710 .
