Three Years of Selling Pressure Could End With One Breakout
GNFC is approaching a major turning point after spending more than three years inside a massive descending channel. Every major rally since 2022 has faced rejection near the upper trendline while the lower boundary has repeatedly attracted buyers. This time the stock has recovered sharply from the 370–380 support zone and is now testing its multiyear resistance around 630–650. The recovery is supported by improving volumes and weekly RSI near 69 which indicates strong buying momentum. Sellers have defended this trendline for years but the current recovery is putting that resistance under serious pressure.
A strong weekly breakout above 650 followed by sustained trading above the trendline could confirm a major structural reversal. The first important resistance is around 790–800 where previous rallies faced heavy selling pressure. If buyers absorb the supply at this level, the next potential upside zone is 900–920. A successful breakout and retest of the descending trendline would strengthen the bullish structure and could attract fresh positional buying. The real opportunity begins if this multiyear resistance finally turns into support.
A strong weekly breakout above 650 followed by sustained trading above the trendline could confirm a major structural reversal. The first important resistance is around 790–800 where previous rallies faced heavy selling pressure. If buyers absorb the supply at this level, the next potential upside zone is 900–920. A successful breakout and retest of the descending trendline would strengthen the bullish structure and could attract fresh positional buying. The real opportunity begins if this multiyear resistance finally turns into support.
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