Adani Energy - Heavy Supp & Ress with 4 yr long Fibonacci Setup
Analysed the Adani Energy solutions on a weekly chart
there is a 4 year long gap to be filled - Fibonacci setup.
However from last 1 year, the price has been seeing a heavy resistance and support at the entry zone, which somehow makes the entire Fibonacci setup little week.
The coming week or two, may still see a downfall and hot the support level of 975-970, if continued, it may hit a second resistance of 955-950.
at this stage, the trend is also hanging towards more sellers keen to liquidate their positions. Hence this may drive the price downwards towards its support.
Once the price sustain the support level, price may hit its first sub resistance of 1190. It may also continue to hit its second main resistance level of 1265
I shall keep updating the weekly analysis.
there is a 4 year long gap to be filled - Fibonacci setup.
However from last 1 year, the price has been seeing a heavy resistance and support at the entry zone, which somehow makes the entire Fibonacci setup little week.
The coming week or two, may still see a downfall and hot the support level of 975-970, if continued, it may hit a second resistance of 955-950.
at this stage, the trend is also hanging towards more sellers keen to liquidate their positions. Hence this may drive the price downwards towards its support.
Once the price sustain the support level, price may hit its first sub resistance of 1190. It may also continue to hit its second main resistance level of 1265
I shall keep updating the weekly analysis.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.