Neogen Chemicals Forms Symmetrical Triangle Near Highs

Neogen Chemicals shares ended 0.06% lower at Rs 2,378.20 on 9 October 2026. A symmetrical triangle signals consolidation, with support at Rs 2,300. Neogen Chemicals Limited [

] shares ended 0.06% lower at Rs 2,378.20 on 9 October 2026, the last trading session of the week. The stock continues to trade near its December 2024 high zone. The stock hit a recent high of Rs 2,499.70 on 21 September. Since then, it has formed lower highs and higher lows, creating a symmetrical triangle on the daily chart. The narrowing price range indicates consolidation following the previous rally. A symmetrical triangle reflects a period of balance between buyers and sellers. Although the pattern can signal trend continuation, a breakout in either direction remains possible. Relatively low volume during consolidation suggests limited selling pressure. The Relative Strength Index (RSI) stands at 53.22, below its average of 57.04, indicating cooling momentum without a clear bearish signal. The broader technical structure remains bullish as the stock continues to hold near its highs. A decisive breakout above Rs 2,500 could open the door to fresh highs. Conversely, a breakdown below Rs 2,300 may weaken the bullish structure and expose the stock to further downside. Key Levels: Resistance at Rs 2,500 | Support at Rs 2,300. My View: At this juncture the bullish bias expected to remains intact while the stock holds above Rs 2,300, with a breakout above Rs 2,500 needed to signal renewed upward momentum. Disclosure & Disclaimer: I and my family members do not hold any position in the stock discussed. This content is provided solely for informational and educational purposes and should not be construed as investment advice or a recommendation to buy or sell any security. Investments in the securities market are subject to market risks. Please read all related documents carefully before investing.