TF - Monthly - Aditya Birla capital had broken out descending trendline at 80. But, due to supply pressure, it couldn't make a new high again. It ends up making the same high(double top). AB CAPITAL has made a monthly consolidation range of 139 - 95
As per the monthly chart, AB CAPITAL can take support from 78.05.
Three reasons to consider this level: 1. AB CAPITAL has given five touches to this level. 2. AB CAPITAL had taken support and broken up the trendline. 3. AB CAPITAL can retraced 61.8% at 76.45, which is demand zone.
If AB CAPITAL breaks down to 90, then it will come to take support near 78.05.
TF: Daily - AB CAPITAL has completed corrective waves A & B. Wave C of wave 4 is about to completed.
We are getting similar confirmation that if AB capital breaks down to 90.05, we can expect a support level of 78.05.
As per Elliott wave, wave 4 can complete near the previous 4th wave of lower degree.
Wave 4 of lower degree is a 78.50. We got the confluence zone as 78.05. After taking support level, AB CAPITAL will start its upward march.
I will update more information soon. Thank you! @Money_Dictators
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