🔍 Summary:
Chemplast Sanmar has been in a prolonged downtrend after peaking near ₹750. Price recently respected key Fibonacci retracement zones and horizontal support near ₹420. Currently, it is attempting to break a falling trendline, with RSI also showing early signs of strength.
🔍 Technical Breakdown:
Trend: Downtrend since July 2023 with consistent lower highs.
Support Zone: ₹420–₹410 (well tested multiple times)
Resistance Zone: ₹450–₹460 (confluence of horizontal and falling trendline)
Fibonacci Levels: Key retracement at 0.786 (~₹420) has held.
Fibonacci Extension: 1.618 level projects target near ₹843 (only on strong reversal).
RSI (14): Currently at 47.38, slightly below 50 but showing a breakout above the RSI trendline.
Volume: Moderate, but increasing near support – a sign of accumulation.
⚠️ Observations & Mistakes to Avoid:
RSI divergence and breakout from RSI downtrend line is bullish, but confirmation on price is still pending.
Volume hasn't spiked significantly yet – wait for volume confirmation before large position.
The downtrend line is still intact on price – do not pre-emptively assume breakout.
✅ Suggestions:
Breakout Watch: A weekly close above ₹455–₹460 with volume will confirm breakout from the falling wedge pattern.
Risk Management: Stop loss for long positions below ₹410 on weekly closing basis.
Upside Targets (Post Breakout):
₹490 (Initial target)
₹530 (Fibonacci resistance)
₹590+ (Medium-term)
Avoid Fresh Shorts unless price breaks and closes below ₹410.
📌 Conclusion:
Chemplast Sanmar is at a decisive juncture. A breakout from the falling trendline with volume could initiate a trend reversal. RSI is improving, and horizontal support has held well. Keep it on radar for potential breakout entry
Chemplast Sanmar has been in a prolonged downtrend after peaking near ₹750. Price recently respected key Fibonacci retracement zones and horizontal support near ₹420. Currently, it is attempting to break a falling trendline, with RSI also showing early signs of strength.
🔍 Technical Breakdown:
Trend: Downtrend since July 2023 with consistent lower highs.
Support Zone: ₹420–₹410 (well tested multiple times)
Resistance Zone: ₹450–₹460 (confluence of horizontal and falling trendline)
Fibonacci Levels: Key retracement at 0.786 (~₹420) has held.
Fibonacci Extension: 1.618 level projects target near ₹843 (only on strong reversal).
RSI (14): Currently at 47.38, slightly below 50 but showing a breakout above the RSI trendline.
Volume: Moderate, but increasing near support – a sign of accumulation.
⚠️ Observations & Mistakes to Avoid:
RSI divergence and breakout from RSI downtrend line is bullish, but confirmation on price is still pending.
Volume hasn't spiked significantly yet – wait for volume confirmation before large position.
The downtrend line is still intact on price – do not pre-emptively assume breakout.
✅ Suggestions:
Breakout Watch: A weekly close above ₹455–₹460 with volume will confirm breakout from the falling wedge pattern.
Risk Management: Stop loss for long positions below ₹410 on weekly closing basis.
Upside Targets (Post Breakout):
₹490 (Initial target)
₹530 (Fibonacci resistance)
₹590+ (Medium-term)
Avoid Fresh Shorts unless price breaks and closes below ₹410.
📌 Conclusion:
Chemplast Sanmar is at a decisive juncture. A breakout from the falling trendline with volume could initiate a trend reversal. RSI is improving, and horizontal support has held well. Keep it on radar for potential breakout entry
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