RITES Ltd – Falling Wedge Breakout Setup
The stock is currently showing signs of a potential bullish reversal after forming a classic Falling Wedge pattern, which is generally considered a bullish continuation/reversal structure.
🔎 Technical Observations:
Clear Falling Wedge formation on the daily timeframe
Price bouncing from the strong demand zone near ₹195–₹200
Recent bullish candles indicating buying interest from lower levels
Momentum indicators attempting a positive crossover
Price trying to move above the short-term resistance trendline
🔑 Key Levels to Watch:
Immediate Resistance: ₹216 – ₹224
Breakout Confirmation: Above ₹224
Immediate Support: ₹200
Major Support: ₹195
🚀 Upside Targets (If Breakout Sustains):
₹235
₹246
₹252 – ₹260 zone
📉 Risk Scenario:
If the stock fails to hold ₹200, it may again retest the ₹195 demand zone.
⚠️ For educational purposes only. Not a buy/sell recommendation.
— AALGO BREATHS 📈