CDSL – Reversal Attempt Near Long-Term Trendline ⚡

This chart of Central Depository Services (India) Ltd (CDSL) on the weekly timeframe is approaching a very interesting inflection point. Technical Structure The stock has been in a clear downtrend, respecting a falling trendline resistance Recently, price has taken support near the ₹1,150–₹1,200 zone, forming a short-term base A bounce is underway, but it is heading straight into the major supply trendline This makes the current zone a decision point rather than a confirmed breakout. Elliott Wave Insight The entire fall appears corrective, possibly forming a Wave C decline Current bounce can be interpreted as: Either a dead cat bounce (counter-trend rally) Or the start of a new impulsive cycle (only if breakout confirms) So structure is neutral → bullish only above confirmation Key Levels to Watch Immediate Resistance: ₹1,450–₹1,500 (trendline zone) Breakout Confirmation: Sustained move above ₹1,500 Support Zone: ₹1,150–₹1,200 Major Support (200 EMA area): ~₹950 Trade Interpretation Right now, this is NOT a breakout trade yet. Instead: Aggressive traders may anticipate the move Conservative traders should wait for trendline breakout + retest Potential Scenario If breakout happens → sharp move towards ₹1,700–₹1,800 If rejection occurs → price may retest lower zones again