Suraj Ltd — Downtrend Compression With Emerging RSI Divergence

1️⃣ Price Structure & Trendlines: Price has been trending lower under a falling trendline, reflecting sustained supply pressure. Recently, price is compressing between ₹218–₹235, forming a tight consolidation just below descending resistance, indicating equilibrium rather than expansion. 2️⃣ Key Levels: • ₹245: Major overhead resistance aligned with prior swing supply. • ₹235: Immediate resistance within current consolidation. • ₹224–218: Near-term support band acting as short-term demand. • Breakdown below ₹218 would resume the broader corrective structure. 3️⃣ Trend Behaviour: The larger structure remains corrective; however, price is no longer making aggressive lower lows. Sideways compression near trendline resistance often precedes a directional move. 4️⃣ Volume Characteristics: Volume remains relatively muted, suggesting absence of strong institutional expansion. Breakout or breakdown will require volume confirmation. 5️⃣ RSI & Momentum: RSI is forming higher lows within a rising channel while price remains flat, indicating bullish divergence and improving internal momentum. A sustained move above price resistance could validate this momentum shift. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)