Balamines- History repeats itself

Long-Term Technical Analysis Summary
Trend: The price has been moving inside a strong upward-sloping parallel channel for over two decades.

Recent correction: After peaking in 2021, the stock corrected sharply and has now tested the lower boundary of the channel (support zone), bouncing from around ₹1142 to ₹1787 in the current candle. It took 4 years from Jul 2021 to Jan 2025 to reach the bottom from the top. Likewise it took 4 years from July 2005 to Jan 2009 to reach the bottom from the top.

Strong long-term support: Price respected the lower channel support and bounced, indicating bulls are still defending the structure.

🔍 Key Levels
Support Zone:

₹1,115: Major support near the lower channel and trendline confluence.

₹1,420: Previous low and another support level.

Resistance Zone:

₹1,925: Near-term resistance (currently being tested).

₹4,799: Major horizontal resistance.

₹5,220: All-time high and top of the rising channel.

Since price has already bounced strongly from ₹1,142 and broken above short-term downtrend resistance, current levels around ₹1,780–₹1,800 could still be considered an entry with confirmation.

🎯 Targets
Short-term: ₹1,925 (current resistance)

Medium-term: ₹2,800–₹3,200 (midline of the channel)

Long-term: ₹4,800 and ₹5,220+ (previous high and channel top)

🧠 Conclusion & Strategy
The stock is still firmly within a long-term bullish channel.

The recent bounce from channel support marks a potential reversal zone.

If momentum sustains and price breaks above ₹1,925, it confirms a trend continuation toward ₹3,000–₹5,200.

Accumulation at dips near the lower channel or retest zones is ideal for investors with a multi-quarter to multi-year view.

Note: This is for educational purpose only and not a stock recommendation.