PHOENIXLTD: Symmetrical Triangle at Weekly Support ₹1400

Chart Pattern: On the weekly chart, Phoenix Ltd. is forming a triangle consolidation pattern after a strong prior uptrend.

• The descending trendline (red) is acting as resistance.
  
• A strong horizontal support zone near ₹1400 (green) has been tested multiple times, showing buyers’ interest at this level.
  
• Price action is currently squeezing inside the triangle, indicating that a big breakout move may be near.
  

Technical View

Support Zone: ₹1400 (strong base, tested multiple times).
Resistance Trendline: Descending resistance capping the upside.
Volume: Watch for a surge in volume to confirm breakout direction.

Breakout Levels:

• Bullish breakout above the descending trendline could open up targets towards ₹1600–₹1700.
  
• Be
  

arish breakdown below ₹1400 may lead to downside towards ₹1280–₹1250.

What do you think? Will Phoenix Ltd. break upwards or downwards? Drop your views below!

Disclaimer: This analysis is for educational purposes only, not financial advice. Please do your own research before investing.