Refex Industries Ltd – Weekly Breakout Trade Setup

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📈 Refex Industries Ltd – Weekly Breakout Trade Setup
Chart Structure:
Refex has broken out of a long-term descending trendline on the weekly chart with strong bullish momentum. This move marks a potential trend reversal after months of consolidation and lower highs.

🔍 Technical Breakdown:
Trendline Breakout:
Price has convincingly closed above a multi-month descending trendline, indicating a potential shift in trend structure.

Volume Confirmation:
(Add volume insight if available) Ideally, a breakout accompanied by rising volume adds confidence in the move.

Resistance Levels:

Immediate resistance at ₹580.70 (marked by previous weekly top).

Next major target zone: ₹811.15 (historical high or measured move level).

Breakout Candle Stats:

Move: +82.75 pts from breakout (Approx. 16.6% upside)

Breakout level: Around ₹415–₹420

Current price: ₹498.45

🎯 Trade Plan:
Entry: On confirmed weekly close above ₹450 (already done)

Target 1: ₹580

Target 2: ₹810

Stop Loss: Weekly close below ₹410 (back inside the trendline)

📌 Trade Logic:
This setup is a classic descending trendline breakout following a prolonged consolidation. Once such major resistance is broken, momentum traders and swing traders often step in, driving the price toward the next resistance zones. The structure also hints at a rounded bottom formation, suggesting accumulation.

⚠️ Risk Note:
Watch for possible rejection near ₹580.

Avoid chasing if price moves too far too fast without pullback.

📅 Time Horizon: Medium term (4–12 weeks)
💡 Bias: Bullish until ₹410 is breached on a closing basis.

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