Everest Kanto Cylinder Limited – Weekly Downtrend Maturing Near Support

Long-term structure shows a broad range with repeated failures at higher levels Recent price action is within a falling channel after a strong rally and rejection 🔎 Price Structure Price has slipped back toward a well-tested horizontal support zone Lower highs and lower lows remain intact, but downside momentum is slowing near support 📐 Trend & Averages Breakdown from a prior rising structure shifted the trend into a corrective phase Price remains below declining resistance trendlines, reflecting overhead supply 📊 RSI & Momentum RSI is below the midline and trending weak, consistent with the corrective price structure No strong bullish divergence yet, but RSI is stabilising near lower ranges, hinting at exhaustion 📉 Volume Behaviour Recent sell-off occurred with a volume spike, indicating distribution rather than panic Follow-through volume has moderated, suggesting selling pressure may be reducing 🧩 Overall Reading The stock is in a corrective-to-consolidative phase within a larger range Sustained stability near current support will be key to assess whether this remains a pullback or extends into a deeper range-bound move 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)