Supreme Petrochem Ltd – Price Approaching Key Trendline Support

The stock has declined to test a long-term ascending trendline that has acted as a reliable support for over 3 years. Currently priced around ₹604, it's trading just above a critical confluence zone between ₹582 and ₹540. 🧭 Technical Indicators: Price is under the 30-week SMA and struggling to reclaim it, reflecting sustained weakness. RSI is hovering near 37, approaching the oversold region but yet to show a strong reversal signal. A lower high on the RSI vs. price hints at past bearish divergence still weighing on sentiment. 🚩 Risk Zone: A breach below the ₹540 level would confirm a breakdown from long-term trend support, inviting further downside. On the flip side, holding above this zone could set up a rebound attempt if broader market conditions stabilize. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)