BLS International – Counter Trend Bounce (Daily Chart)
Stock has been in a clear downtrend with lower highs & lower lows. Recently, a strong bounce from the ₹240–₹250 demand zone indicates short-term recovery, but broader structure remains cautious.
🔎 Technical Observations:
Strong reversal candle from ₹245 support zone
Volume spike during bounce → active buying interest
Price attempting to reclaim 20 EMA
Still below major resistance band (₹300+)
RSI recovering from oversold territory (near 50 zone)
MACD bullish crossover, but still in early recovery phase
🔑 Key Levels to Watch:
Immediate Resistance: ₹290–₹300
Major Resistance: ₹320
Immediate Support: ₹260
Strong Demand Zone: ₹240–₹250
🚀 Sustained breakout above ₹300–₹320 is required for structural trend shift.
Until then, this move should be treated as a pullback inside a broader downtrend.
⚠️ Risk management is crucial in counter-trend setups.
For educational purposes only. Not a buy/sell recommendation.
— AALGO BREATHS