Bearish Shift: Manappuram Finance Takes a Downturn

https://preview.redd.it/yh7jxdhlsb9e1.jpg?width=1920&format=pjpg&auto=webp&s=25edae622574fb2cf868a83763fc8c69245aa8cd Manappuram Finance, after reaching its all-time high, appears to be transitioning into a bearish phase. The stock had been consistently supported by a trendline. However, it recently broke this trendline with a gap-down opening. Following this, the stock retraced and filled the gap but is now facing resistance from the same trendline, which previously acted as strong support. On the technical front, the Daily RMI (Rohit Momentum Indicator) has generated a fresh sell signal. If the stock closes below the 40-day EMA and the 20-day SMA of the Bollinger Bands, along with the RMI's sell signal, it would strongly confirm a downtrend in Manappuram Finance. What do you think, share your views to....