Menon Bearings Breaks the Shackles! Trendline Resistance Smashed📊 Technical Analysis: Menon Bearings Ltd. (NSE: MENONBE)
🧠 Chart Pattern: Downtrend Breakout
The stock had been in a long-term descending trendline (resistance) since mid-2023.
After several months of lower highs, the price has finally broken above this descending resistance on strong momentum.
🚀 Breakout Details (May 15, 2025):
Close: ₹120.25
Day’s Move: +₹10.11 (+9.18% gain)
Volume: 412.5K — significantly above average, confirming strong buyer interest.
📌 Technical Signals:
Resistance Breakout: The trendline acting as a ceiling has now been breached convincingly.
Volume Confirmation: The surge in volume supports the validity of the breakout.
New Higher High: This move breaks the previous swing highs, hinting at trend reversal.
🎯 Potential Upside Target:
Based on the recent base range of ₹85–₹115 (~₹30), the projected upside target could be:
Target 1: ₹130
Target 2: ₹145+ (medium-term)
🛡️ Support Zone:
Post-breakout retest support near ₹108–₹110.
