RITES Ltd – Falling Wedge Breakout Setup

📊 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 📈