Adani Enterprises Ltd – Weekly Downtrend Intact with Momentum Weakening

Price remains in a broader corrective phase after a sharp peak, forming a sequence of lower highs and lower lows. The long-term uptrend has transitioned into a descending structure, with rallies getting sold into. 📉 Trend & Price Behavior A well-defined downward sloping trendline continues to cap upside attempts. Recent price action shows acceptance below the declining trendline, indicating sustained supply pressure. Price is hovering near a key historical support zone, where reactions have occurred in the past. 📊 Moving Average Context The weekly moving average has flattened and turned into a dynamic resistance rather than support. Price trading below this average reflects a loss of medium-term trend strength. 📈 RSI & Momentum RSI remains in the lower half of the range, reflecting weak momentum. No strong bullish divergence is visible yet; RSI continues to respect its downward bias. Momentum suggests caution, with selling pressure dominating rallies. 🧩 Overall Read The chart reflects a stock in a corrective-to-consolidative phase rather than trend resumption. Sustained strength would require a change in structure and momentum, while failure to hold the current support zone could extend the corrective move. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)