Technical Analysis Triveni Turbine Limited

The stock

is currently in a strong downtrend. After an impressive rally that pushed the price to a peak near the 880 level the stock reversed and has been consistently forming a pattern of lower highs and lower lows. The current price is at 439.85. The stock has retraced a massive portion of its previous upward move. Recently it has broken below several key moving zones and is currently trading near the lowest levels seen on this chart. The chart shows clear structural weakness over the past few months. Support the stock is currently approaching a critical historical zone. The next major psychological and structural support is around the 400 to 420 level. If the selling pressure continues and it breaks below 400 it could signal further downside. Resistance if the stock attempts a pullback or recovery the previous breakdown levels will act as strong supply zones. The immediate resistance lies around the 480 to 500 area. The stock needs to break and sustain above 500 to show any early signs of a trend reversal. The current setup is bearish. The stock is strictly in a sell on rise structure until it proves otherwise. It is important to watch if the price can build a strong consolidation base sideways movement near the current levels or if it breaks down further. Waiting for a clear break above the 500 resistance level with good volume is necessary before expecting any fresh bullish momentum. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.