KRN Heat Exchanger — Violent Reversal Into Supply Zone | Relief Rally or Trend Shift?

🔍 Technical Analysis 1️⃣ Price Structure & Trendlines: Price has delivered a strong impulsive rebound from the ₹590–600 demand zone, breaking the short-term falling channel. The rally is now testing the broader declining trendline, making this a critical structural inflection area rather than a confirmed trend reversal. 2️⃣ Key Levels: • ₹951–960: Major overhead resistance from previous swing highs. • ₹890–900: 0.786 Fibonacci supply zone currently being tested. • ₹823: Important pivot support; holding above keeps bullish momentum intact. • ₹742–750: Immediate support zone in case of pullback. 3️⃣ Momentum Behaviour: The sharp vertical move suggests short-covering plus fresh participation. However, rallies into Fib resistance after prolonged downtrends often see initial profit booking before any sustainable trend shift. 4️⃣ Volume Characteristics: Significant volume expansion near the recent candle indicates aggressive participation. Follow-through volume in coming sessions will decide whether this move becomes accumulation or just a relief bounce. 5️⃣ RSI & Momentum: RSI has bounced strongly from oversold territory, showing momentum expansion but still approaching historically reactive zones where consolidation may occur. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)