Morepen Laboratories

$MOREPENLAB Pattern Identification Long-Term Descending Trendline Breakout Stock has been under a falling resistance line since the ₹100 peak. After a prolonged base formation between ₹35–50, price has finally broken above the multi-month descending trendline. This is not a cup-and-handle pattern; it is a Trend Reversal + Trendline Breakout Setup. Breakout Zone Trendline breakout occurred around ₹47–48 Current Price: ₹48.65 Price has also reclaimed key moving averages, adding strength to the breakout. Measured Move Target Using the previous major swing: Breakout Zone = ₹48 First Resistance = ₹60 Targets: Target 1: ₹60 Target 2: ₹70 Target 3: ₹80–85 A successful trend reversal can eventually attempt the previous swing zone near ₹90–100, but that would be a longer-term objective. Momentum Assessment ✅ Breakout above a 1.5-year descending trendline. ✅ Price above 26 EMA, 52 EMA, and 225 EMA. ✅ EMA alignment is improving. ✅ Strong bullish weekly candle (+11%). ✅ Multi-month base formation provides a solid foundation. ⚠️ Immediate resistance exists near ₹50–52. ⚠️ Stock has not yet cleared the entire overhead supply zone from 2025.