Lokesh Machines – Probable Double Base With Hidden RSI Strength Near Key Support

1. Probable Double Base Formation Price appears to be forming a double base near a well-defined support zone. Multiple weekly lows around the same area indicate demand absorption and reduced selling pressure. 2. Support Zone Holding The stock is currently stabilizing around an important horizontal support band that has acted as a demand area in the past. Repeated defenses of this level improve the probability of a base-building phase. 3. Hidden Bullish RSI Divergence RSI shows a hidden bullish divergence — while price retested support, RSI made a higher low. This typically signals underlying strength within a broader consolidation or early trend reversal phase. 4. RSI Structure Improving RSI has started to curl up from lower levels, indicating loss of downside momentum. Sustained movement above the mid-range would further strengthen the bullish bias. 5. Trend Reset After Sharp Decline Following a steep correction from highs, price has compressed into a narrow range near support. Such structures often precede directional moves once accumulation completes. Overall View Lokesh Machines is displaying early base formation signals supported by RSI behavior. While confirmation is still evolving, the structure suggests improving risk-reward as long as support remains intact and momentum continues to stabilize. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)