Ganesh Benzoplast — Prolonged Falling Channel Faces Early Structure Shift Near Key Resistance

1️⃣ Price Structure & Trendlines: Price has been moving inside a well-defined declining channel with consistent lower highs and lower lows. Recent candles show an attempt to push toward the upper boundary of the channel, suggesting early structural stabilization after a prolonged corrective phase. 2️⃣ Key Levels: • ₹99–100: Major overhead resistance aligned with historical supply and channel top. • ₹88–89: Immediate resistance zone where price is currently reacting. • ₹78–79: Near-term support acting as a base within the recent consolidation. • Channel support zone below continues to define the broader corrective structure. 3️⃣ Trend Behaviour: The broader trend remains corrective; however, compression near the channel top indicates a potential transition phase where selling pressure is gradually reducing. 4️⃣ Volume Characteristics: Recent candles show modest volume improvement compared to prior sessions, hinting at rising participation as price approaches resistance. 5️⃣ RSI & Momentum: RSI shows higher lows and a sharp upward move from oversold territory, reflecting improving internal momentum even while price remains within a larger declining structure. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)