Waaree Energies: Downtrend Intact Despite Capex News

has approved a $37 million capex to revamp its Arizona facility, lifting capacity from 1 GW to 1.6 GW and taking total US manufacturing to 4.8 GW (3.2 GW Texas + 1.6 GW Arizona). Alongside this, it is consolidating its Tumb (1 GW) and Nandigram (1.11 GW) facilities into Chikhli, Gujarat, targeted for completion by 31 December 2026. (Source: Waaree Energies board meeting outcome filing, 29 August 2026.) Price structure, however, hasn't reflected this positive news. The stock has been in a well-defined downtrend since its ~3,600 high in April, with each swing high making a lower peak against the descending trendline — sellers stepping in on every pullback. It trades near 2,634, just below the trendline, with RSI at a neutral 41.12. The Arizona expansion and consolidation are constructive long-term, but near-term structure stays bearish. A sustained close above 2,750–2,800 would be the first sign of a turn; until then, the lower-highs, lower-lows structure holds. Good fundamental news doesn't always override an established technical downtrend — price structure and news flow can diverge for a while before eventually reconciling. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.