UPL Ltd - Renko Analysis & Trade Setup

🔍 Stock: UPL Ltd (NSE)
📊 Chart Type: Renko (1% )
📆 Timeframe: Daily

Technical Analysis:
1. Resistance Zone (650-650.50)
- The price is testing a strong resistance zone around ₹650.
- This level has been previously respected, leading to pullbacks.

2. Bearish Reversal Signal
- The latest red Renko brick suggests potential downside momentum.
- A short-term correction could be in play.

3. Support Levels:
- The next major support is around ₹588-590.
- If the price fails to hold above ₹635, we might see further downside towards this level.

4. Indicators:
- The trendline still shows bullish momentum, but signs of weakness are appearing.
- RSI is currently above 60, indicating strength but also the possibility of overbought conditions.

Trade Setup:
✅ Bearish Bias: If price stays below ₹635, a potential short trade can be considered with a target of ₹590.
✅ Stop-loss: A strict stop-loss above ₹650 to protect from false breakouts.
✅ Bullish Confirmation: If price reclaims ₹650 convincingly, a breakout trade towards ₹675+ could be on the cards.

🔔 Conclusion:
UPL is at a key inflection point. A rejection at ₹650 can lead to a correction, while a breakout can fuel further upside. Keep an eye on price action for confirmation!

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