Alembic Pharmaceuticals breaks above its ₹840 range!

Alembic Pharmaceuticals breaks above its ₹840 range Alembic Pharmaceuticals Limited (NSE: APL) was trading at ₹845.75 in the September 21 technical setup. The stock had spent the previous couple of months consolidating between ₹800 and ₹840 before delivering a price-volume breakout above the range. The breakout came with the highest volume of the previous 10 trading sessions. Bollinger Bands have also started expanding after a period of contraction, while the daily momentum indicator recorded a positive crossover. The move above ₹840 changes the immediate chart structure from consolidation to a potential continuation phase. The expansion in Bollinger Bands and higher volume provide additional confirmation of the price move. My view is that ₹840 is now the key technical reference. If the stock sustains above this previous range ceiling, the breakout structure remains intact. A move back below the ₹825 area would weaken the setup.