📈 Chemcon Speciality Chemicals – Breakout, Bullish Divergence, Volume Spike

🔹 Price Action CMP: ₹289 (+25.68%) – strong breakout candle. Price broke out of a falling channel after months of consolidation. Closing above ₹256 trendline confirms shift in momentum. 🔹 Technical Observations Breakout: Price pierced above falling resistance trendline. Bullish RSI Divergence: While price made lower lows, RSI formed higher lows → reversal confirmation. Volume Spike: Big surge in volumes indicates strong accumulation. 🔹 Key Levels Immediate Resistance: ₹298–300 (horizontal supply). Immediate Support: ₹256 (breakout level). Major Support: ₹227 (previous base). 🔹 Indicators RSI ~69: Momentum strong, near bullish zone. Trend: Short-term uptrend initiated post-breakout. Volume: Breakout backed by heavy volume → strong conviction. 🔹 Strength & Risk ✅ Bullish divergence + breakout confirms reversal. ✅ Strong participation seen via volume. ❌ Near-term resistance at ₹298 could trigger profit booking. ❌ Failure to hold ₹256 may negate breakout. 🔹 Outlook Short Term: Likely to test ₹298–300 resistance. Medium Term: Sustained close above ₹300 → opens rally towards ₹340–360. Risk: Below ₹256 → may slip back to ₹227. 📌 Strategy Traders: Buy on dips toward ₹260–270 with SL below ₹255. Investors: Accumulate on pullbacks; hold for ₹340–360 targets. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).