👞 Redtape Ltd. – Breakout with Strength

🔹 Price Action The stock jumped +20.11% (₹146.65) this week, breaking out from a falling channel formation after months of decline. The breakout is supported by high volume (6.37M), indicating accumulation and fresh buying interest. 🔹 Technical View Support Levels: ₹140 → ₹125 Resistance Levels: ₹167 → ₹183 → ₹198 Pattern: Breakout from falling channel (trendline resistance crossed). Trading near Fib 0.236 (₹149.84) – a key pivot zone. Bullish RSI divergence confirms momentum shift. 🔹 Indicators RSI (54.08 ↑) – broke above bearish trend, confirming bullish divergence. Volume – heavy expansion, validating the breakout. Fibonacci Retracement – above 0.236 → next targets 0.382 (₹168) & 0.5 (₹183). 🔹 Strength & Weakness ✅ Breakout from long falling channel. ✅ Strong bullish RSI divergence. ✅ High volume → institutional buying interest. ❌ Heavy resistance ahead at ₹167–₹183 (previous supply zone). 🔹 Outlook Short Term: May consolidate around ₹150 before attempting ₹167. Medium Term: A sustained move above ₹167 could extend towards ₹183–₹198. Risk: Breakdown below ₹140 would negate the breakout momentum. 📢 Disclaimer: This is for educational purposes, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (Reg. No. INH000020332).