The corrective channel had been in place for more than eighteen months for NSE Granules. After two successive lower lows, the price has broken down the resistance at the third attempt. The demand exceeds the supply, and the price has made an equal low of 358.
We can see two excess at the upper band and four rejections at the lower band of the parallel channel. It indicates that sellers were aggressive when prices entered their territory.
Before the breakout, buyers had faced supply pressure, but sellers stopped the falling knife. The trend changed in this way.
Price has broken down the value area with strong candles and moving towards the recent lower high. As per expectation, the price may face resistance from the LH. Traders can initiate their position after retracement for the following targets: +.
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