EID Parry (India) – Trendline Breakout Attempt With Improving Momentum

EID Parry is showing early signs of strength after an extended corrective phase, marked by a downward sloping trendline. The recent price action suggests a potential shift in momentum, but follow-through remains key. 🔍 Key Technical Observations 1. Downtrend Line Break Price has broken above the falling trendline, signaling the first technical sign of a possible trend reversal. A retest and sustained close above the trendline adds credibility to the breakout. 2. Price Back Above 30-Day SMA After spending weeks below the 30-SMA, price has now closed back above it. This reflects short-term strength returning. 3. Relative Strength (vs CNX500) Improving RS line had been in a prolonged decline but is now flattening and curling upward, indicating improving relative performance. 4. RSI Momentum Turning Positive RSI has bounced from oversold levels and crossed above its moving average. A series of higher lows on RSI shows momentum rebuilding. 5. Volume Spike The recent session showed above-average volume, supporting the breakout attempt. 📝 Summary EID Parry is attempting a trendline breakout with: Price reclaiming the 30-SMA, RS turning from negative to neutral, RSI regaining momentum, Fresh volume support. Sustained action above the breakout zone will be important for confirmation, otherwise the stock may re-enter the consolidation range. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)