ORCHPHARMA Reversal Zone

🟢 Chart Summary – Orchid Pharma
Current Price: ₹628.75

Daily Change: -₹6.80 (-1.07%)

Volume: Spiked to 1.74M, significantly higher than the 50-day average (136.68K)

📉 Price Action Observations
Observation Insight
Massive Fall from ₹2000+ Price has dropped nearly 70%+ since Feb 2025, now approaching previous consolidation zones.
Support Zone Highlighted (Green Band) The ₹580–640 range was a previous breakout zone (Nov–Dec 2023). Now being retested as support.
Strong Buying Wick Today’s candle shows a long lower shadow, indicating buying interest at this critical level.
Volume Surge The highest volume since Jan 2024, suggesting institutional activity or capitulation selling.

🧠 Key Levels to Watch
Type Price Range
✅ Support Zone ₹580 – ₹640
⚠️ Immediate Resistance ₹700 – ₹740
🟢 Breakout Confirmation Close above ₹700 with strong volume
🛑 Breakdown Risk Sustained close below ₹580 may target ₹500 or even lower

📌 Potential Trading Strategy
🔁 For Swing Traders
Position Type Entry Range Stop-Loss Target
Long (Bounce) ₹600–₹630 Below ₹575 ₹700 / ₹740

📌 Wait for bullish confirmation — e.g., a green candle tomorrow with follow-through buying.

🔍 What to Look for Next
Follow-up volume: Will buyers defend ₹600 again?

Price action tomorrow (June 1): Strong close above ₹650 = first sign of reversal.

Weekly close: A bullish reversal candle on weekly chart would validate a medium-term bounce.

✅ Summary
Metric Outlook
Trend Bearish (but oversold)
Structure Testing historical support
Volume High – potential climax move
Short-Term Bias Reversal bounce possible
Risk Level Medium-High (wait for follow-through)