Morepen Laboratories — Multi-Level Support Reaction With Early Momentum Shift

1️⃣ Price Structure & Trendlines: Price corrected sharply from prior highs within a falling trendline and recently reacted near the confluence of long-term rising support and historical demand. The latest move shows a bounce attempt after testing the lower structure, indicating possible short-term stabilization rather than confirmed trend reversal. 2️⃣ Key Levels: • ₹52: Major overhead resistance aligned with prior supply and breakdown area. • ₹44–45: Immediate resistance where price is currently attempting to sustain. • ₹42–43: Near-term support zone reflecting recent consolidation. • ₹34: Broader structural support formed during previous swing lows. 3️⃣ Trend Behaviour: The broader structure remains corrective, but the recent reaction near rising support suggests demand absorption. Price is attempting to reclaim the declining trendline, which may define the next directional phase. 4️⃣ Volume Characteristics: Volume remains relatively moderate, implying participation is improving but not yet showing strong expansion typically associated with sustained trend shifts. 5️⃣ RSI & Momentum: RSI has bounced sharply from oversold territory with higher lows developing, reflecting improving internal momentum and a potential early bullish divergence structure. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)