Markets rarely explode without building tension — this wedge might be that tension.
JK cement's long-term support zone broadly intact, but short/medium-term trend has seen pressure. Recent weeks show lower highs, forming a downward sloping upper trendline. But there's a wider, long-term rising trendline at the bottom — forming a potential large contracting triangle / wedge-like structure on daily chart (as I marked).
So, we are in a coil / compression phase. Price consolidating inside a wedge/triangle after prior swing down, while long-term support holds. That means either breakout or breakdown — but with risk-reward skewed toward bounce if support and structure hold.
If price breaks above upper trendline with volume, upside could target previous swing highs. But if it breaks below support — risk of deeper correction exists.
Save this chart. Wedges crack. This one might too.
Best regards,
Alpha Trading Station
JK cement's long-term support zone broadly intact, but short/medium-term trend has seen pressure. Recent weeks show lower highs, forming a downward sloping upper trendline. But there's a wider, long-term rising trendline at the bottom — forming a potential large contracting triangle / wedge-like structure on daily chart (as I marked).
So, we are in a coil / compression phase. Price consolidating inside a wedge/triangle after prior swing down, while long-term support holds. That means either breakout or breakdown — but with risk-reward skewed toward bounce if support and structure hold.
If price breaks above upper trendline with volume, upside could target previous swing highs. But if it breaks below support — risk of deeper correction exists.
Save this chart. Wedges crack. This one might too.
Best regards,
Alpha Trading Station
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