After a brutal 50% crash from ₹245 ATH to ₹120 panic lows, REDTAPE is attempting recovery. Now testing the make-or-break demand zone at ₹155-170.
🔍 Technical Snapshot:
🔺 Critical Resistance: ₹155-170 (demand zone reclaim needed)
🔺 Major Target: ₹220 (previous distribution area)
🔻 Support: ₹125-130 (recent lows - must hold)
📈 RSI: 52 (crossing above 50 - first momentum shift in months)
📉 Pattern: Potential double bottom forming at ₹125 vs ₹110 lows
What I'm Watching:
1️⃣ Tan demand zone (₹155-170) ahead - The battleground for bulls
2️⃣ Higher low structure: ₹125 vs previous ₹110 low = Improving
3️⃣ RSI breaking above 50 after months of weakness = Momentum reversing
4️⃣ Still trading below ALL major MAs - long-term structure remains bearish
5️⃣ Red MA declining sharply - needs reclaim for trend confirmation
6️⃣ Blue arrow projection: ₹125 base → ₹139 bounce → Target ₹200+ if ₹170 breaks
RRR is favourable at CMP.
Recovery plays from panic lows offer asymmetric setups - high risk, higher reward 🎯
Not advice - just what the chart shows.
Breakout Scenarios:
- Above ₹170 with volume → ₹190-220 targets (+36-58%)
- Below ₹125 breakdown → ₹110 panic zone (-21%)
The Setup: This isn't a consolidation - it's a recovery bounce testing critical resistance. Break above ₹155-170 confirms reversal. Rejection sends it back to test ₹125 lows.
Key Decision Levels:
→ ₹170 break = Recovery confirmed
→ ₹155-170 rejection = Range-bound torture continues
→ ₹125 break = Back to panic zone
Next 2-4 weeks critical. Volume surge above ₹170 will separate hope from reality. 🔥
⚠️ Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Views are personal. Please, do your due diligence before investing. (#DYOR)⚠️
💬 What's your take on this recovery attempt? Sustainable or dead cat bounce? Drop your views below! ✌️
🔥 Trade Safe! ✅ 🚀
🔍 Technical Snapshot:
🔺 Critical Resistance: ₹155-170 (demand zone reclaim needed)
🔺 Major Target: ₹220 (previous distribution area)
🔻 Support: ₹125-130 (recent lows - must hold)
📈 RSI: 52 (crossing above 50 - first momentum shift in months)
📉 Pattern: Potential double bottom forming at ₹125 vs ₹110 lows
What I'm Watching:
1️⃣ Tan demand zone (₹155-170) ahead - The battleground for bulls
2️⃣ Higher low structure: ₹125 vs previous ₹110 low = Improving
3️⃣ RSI breaking above 50 after months of weakness = Momentum reversing
4️⃣ Still trading below ALL major MAs - long-term structure remains bearish
5️⃣ Red MA declining sharply - needs reclaim for trend confirmation
6️⃣ Blue arrow projection: ₹125 base → ₹139 bounce → Target ₹200+ if ₹170 breaks
RRR is favourable at CMP.
Recovery plays from panic lows offer asymmetric setups - high risk, higher reward 🎯
Not advice - just what the chart shows.
Breakout Scenarios:
- Above ₹170 with volume → ₹190-220 targets (+36-58%)
- Below ₹125 breakdown → ₹110 panic zone (-21%)
The Setup: This isn't a consolidation - it's a recovery bounce testing critical resistance. Break above ₹155-170 confirms reversal. Rejection sends it back to test ₹125 lows.
Key Decision Levels:
→ ₹170 break = Recovery confirmed
→ ₹155-170 rejection = Range-bound torture continues
→ ₹125 break = Back to panic zone
Next 2-4 weeks critical. Volume surge above ₹170 will separate hope from reality. 🔥
⚠️ Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Views are personal. Please, do your due diligence before investing. (#DYOR)⚠️
💬 What's your take on this recovery attempt? Sustainable or dead cat bounce? Drop your views below! ✌️
🔥 Trade Safe! ✅ 🚀
Anubrata Ray ⚡
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
Anubrata Ray ⚡
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.