Lincoln Pharmaceuticals Ltd (Weekly Chart): Descending Channel Breakout Near ₹615 Resistance with RSI Momentum Shift

📌 Lincoln Pharmaceuticals Ltd (Weekly Chart): Descending Channel Breakout Near ₹615 Resistance with RSI Momentum Shift 🔍 Technical Analysis 1. Price Structure The stock moved from a strong prior uptrend into a prolonged corrective phase, forming a sequence of lower highs. Recent price action shows a sharp bullish candle emerging from the lower end of the range, indicating strong reaction from lower levels. 2. Trendlines & Structure Price had been moving within a short-term falling channel after the decline from higher levels. The latest weekly candle shows price pushing toward the upper boundary of this structure, suggesting a structural shift from contraction toward expansion. 3. Key Levels (Chart Observations) Immediate Resistance Zone: ₹615–₹620 area where price is currently reacting. Intermediate Level: ₹604–₹605 acting as a horizontal pivot seen multiple times on the chart. Major Overhead Resistance: Around ₹689, aligned with prior swing highs. Rising Support: Long-term ascending trendline visible below current price structure. 4. Momentum (RSI) Weekly RSI has rebounded sharply from lower levels, moving toward higher territory. The momentum shift reflects strengthening internal strength after a prolonged period of weakness. 5. RSI Structure RSI shows a strong upward expansion compared to earlier sideways movement, indicating improving momentum conditions during the latest price surge. 6. Volume Behaviour The breakout candle is supported by a notable expansion in volume relative to recent weeks, highlighting increased participation during the move. 7. Overall Observation The chart reflects price rebounding strongly within a broader corrective structure, testing an important resistance zone while momentum and volume show clear improvement. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)