Adani Green Energy Ltd – Weekly Downtrend Near Long-Term Support with RSI Oversold Signals

Price remains in a broader corrective phase after a sharp multi-year rally Sustained series of lower highs confirms a dominant downtrend Recent candles are compressing near a long-term rising base 🔎 Price Structure Price is hovering just above a major historical support zone Long-term rising trendline from earlier cycles is being tested The slope of decline has moderated compared to prior sell-offs 📉 Trend & Moving Average Price continues to trade below the declining 30-week SMA The moving average itself is flattening, indicating reduced downside momentum No clear trend reversal yet, but selling pressure appears less aggressive 📊 RSI Behavior RSI is in oversold territory, reflecting exhaustion after a prolonged decline Momentum remains weak but downside acceleration has slowed RSI is stabilizing near its lower band rather than expanding lower 🔍 Volume Observation Recent declines occurred without extreme volume expansion Suggests distribution may be maturing rather than intensifying 🧩 Technical Interpretation The chart reflects a stock in a late-stage correction phase Strong support alignment with oversold RSI points to stabilization risk-reward Directional clarity will improve only after sustained holding above the support base 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)