🔍 Structure Breakdown – Sumitomo Chemical India (Weekly)

1. Clear Cup Formation Rounded bottom from ~600 → ~360 → back to ~480 Smooth structure (not volatile) → institutional accumulation pattern This is a textbook Cup pattern (without handle yet) 2. Key Resistance Zone 480 area = major supply zone Previously acted as: Breakdown level Rejection zone 👉 Now price has reached it again with momentum 📈 Current Situation = Critical Point This is NOT breakout yet 👉 This is “at resistance” stage ⚡ Two Scenarios ✅ Bullish Breakout Case If: Weekly close above 480 Follow-through buying 👉 Then pattern confirms 🎯 Targets: 520 (short term) 550–580 (measured move) Potential bigger trend continuation ❌ Rejection Case If: Price fails at 480 Forms bearish candle / upper wick 👉 Then: Pullback likely to 440–420 Cup gets delayed 🧠 Smart Money Insight Compared to your previous charts: This is cleaner structure Less noisy More institutional-style accumulation 👉 But: It has NOT broken out yet (important difference)