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**
