🧱 GMDC – Breakdown Below Channel Support After Fakeout High?

🔻 1. Fakeout Above Channel? The stock gave a strong breakout candle above the parallel channel but failed to sustain above ₹459, quickly reversing and now trading below previous support levels. This indicates a potential bull trap or breakout exhaustion. 🪓 2. Breakdown of Mid-Channel Support Price has now broken below the mid-channel support (around ₹425) and is testing the lower boundary near ₹409. If not reclaimed quickly, price may drift toward the next confluence zone of ₹382–₹375. 📉 3. RSI Rolling Over RSI peaked near 70 and is now declining toward neutral. No divergence yet, but loss of momentum is evident. Price weakness with weakening RSI = potential for further downside. ⚠️ Short-Term View Until the stock reclaims ₹425–₹430 zone, the structure looks vulnerable. Support: ₹409 → ₹382 → ₹375 Resistance: ₹425 → ₹459 Breakdown below ₹409 on volume may accelerate selling pressure. 📌 “Failed breakouts followed by high-volume red candles are often early signs of distribution.” 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. I may or may not be holding a position in the stock mentioned. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.