Modi Rubber Ltd – Approaching Resistance Again After Bounce from Rising Support Line

📊 Chart Summary – Weekly Timeframe Price has bounced off a long-term rising trendline, forming a bullish candle with strong momentum. This is the third attempt to break the ₹148–₹150 resistance zone, which has acted as a ceiling in recent months. Historically, high-volume surges near this level (as seen 5 times before) have been followed by sharp rejections. 📈 Indicators & Divergence RSI strength divergence is visible — while RSI made lower highs, price has been making higher lows. This breakout attempt is backed by a sharp spike in volume, but RSI is approaching a downward trendline, which has capped strength in previous rallies. Price is currently above the 30-week SMA, suggesting medium-term trend alignment is positive. 🧩 Takeaway While the bounce is technically strong, past price behavior near this resistance calls for caution. RSI and volume need to hold momentum for any sustained breakout. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)