ALKEM LABORATORIES – Bearish Pressure Continues
**⚠️ ALKEM LABORATORIES – Bearish Pressure Continues! 🚨**
🔍 **Breaking Support – More Downside Ahead?**
ALKEM has been in a strong downtrend, breaking below **major support at ₹4,763** and currently trading near the critical level of **₹4,606**. A failed attempt to recover above Fibonacci retracement zones suggests further weakness.
📉 **Why More Downside is Likely?**
✅ **Struggling at Key Fibonacci Resistance Levels (₹4,963 - ₹5,127)**
✅ **Failure to Hold ₹4,606 Could Trigger More Selling**
📊 **Key Levels to Watch:**
🔹 **Resistance:** ₹4,763 (Fibonacci 0.236) & ₹5,071 (Fibonacci 0.618)
🔹 **Support:** ₹4,606 (Major Support) & Lower Levels if Breakdown Continues
💡 **Trading Plan:**
🔻 **Rejection at ₹4,763-₹4,860 = Bearish Continuation**
🔻 **Break Below ₹4,606 Could See ₹4,400 or Lower**
🔻 **Recovery Above ₹5,000 Needed for Trend Shift**
🔍 **Breaking Support – More Downside Ahead?**
ALKEM has been in a strong downtrend, breaking below **major support at ₹4,763** and currently trading near the critical level of **₹4,606**. A failed attempt to recover above Fibonacci retracement zones suggests further weakness.
📉 **Why More Downside is Likely?**
✅ **Struggling at Key Fibonacci Resistance Levels (₹4,963 - ₹5,127)**
✅ **Failure to Hold ₹4,606 Could Trigger More Selling**
📊 **Key Levels to Watch:**
🔹 **Resistance:** ₹4,763 (Fibonacci 0.236) & ₹5,071 (Fibonacci 0.618)
🔹 **Support:** ₹4,606 (Major Support) & Lower Levels if Breakdown Continues
💡 **Trading Plan:**
🔻 **Rejection at ₹4,763-₹4,860 = Bearish Continuation**
🔻 **Break Below ₹4,606 Could See ₹4,400 or Lower**
🔻 **Recovery Above ₹5,000 Needed for Trend Shift**
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.