MRPL Forms Long-Term Base — Early Signs of Structural Trend Reversal 🚀

Technical + Fundamental View (Weekly Chart) Elliott Wave Structure: MRPL appears to have completed a sharp corrective phase, marking the end of a larger Wave (4) decline from the 2024 highs. The rounded base / cup-like formation visible on the chart signals accumulation and trend stabilization. The recent higher low and push above the neckline zone indicate the start of Wave (5), with an upside potential pointing toward the ₹250–280 zone, in line with the measured projection shown. MACD Momentum Insight: During the entire rounding base, price made marginally lower or flat lows while MACD consistently formed higher lows, indicating a strong bullish divergence. This positive divergence suggests that selling pressure has been exhausted and momentum is gradually shifting in favor of buyers. AVWAP Confirmation: Price has reclaimed and is holding above the AVWAP anchored from the prior major breakdown zone (~₹185). This level had earlier acted as a supply ceiling and is now turning into a demand-supported base, reinforcing the bullish reversal structure. Structure & Price Behavior: The rounded bottom reflects time-based correction rather than aggressive price damage, which is typically a bullish characteristic. Breakouts from such structures often result in sustained trending moves rather than short-lived spikes. Fundamental Strength: MRPL is showing improving fundamental visibility, supported by: Recovery in operating performance and refining margins Leaner cost structure compared to prior cycles Strategic importance within the downstream energy ecosystem Overall View: The convergence of Wave (5) initiation, bullish MACD divergence, AVWAP support reclaim, and improving fundamentals positions MRPL at a critical inflection point on the weekly timeframe. Sustained acceptance above the breakout zone keeps the structure biased toward trend expansion rather than mean reversion.