📉 Techno Electric – Falling Channel, Support Retest, RSI Divergence

🔹 Price Action CMP: ₹1,349 (+5.57%) – bounce from channel support. Price trending in a falling channel after topping near ₹1,716. Key support zone retested at ₹1,280–1,300. 🔹 Technical Observations Falling Channel: Price respecting downward-sloping parallel channel. Support: ₹1,280–1,300 holds as demand zone. Resistance: ₹1,375 → ₹1,550 is strong supply band. RSI Divergence: Bullish divergence visible, RSI breaking downward trendline. 🔹 Indicators RSI ~56: Showing early strength, moving out of bearish zone. MACD: Still weak but histogram flattening → potential crossover. ADX: Weak trend; needs breakout confirmation for momentum. 🔹 Key Levels Immediate Resistance: ₹1,375. Major Resistance: ₹1,550. Immediate Support: ₹1,300. Major Support: ₹1,215. 🔹 Strength & Risk ✅ Bullish RSI divergence hinting at reversal attempt. ✅ Bounce from long-term rising trendline support. ❌ Falling channel intact; resistance overhead. ❌ Weak volume confirmation so far. 🔹 Outlook Short Term: Likely sideways-to-positive; resistance at ₹1,375–1,550 critical. Medium Term: Close above ₹1,550 opens path to ₹1,700+. Risk: Breakdown below ₹1,280 → deeper correction toward ₹1,215. 📌 Strategy Traders: Watch for breakout above ₹1,375 for momentum entry. Investors: Accumulate only near ₹1,280–1,300 with SL below ₹1,215. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).