Mixed bias on this stock. Previous rally ended with a candle with a huge wick, which suggests that supply has entered the stock and can drive prices lower. But the overall price and volume situation inside the range suggests that the stock is looking bullish and might just be in a consolidation phase and might continue with the previous momentum and rally even higher. Price has currently taken support at the 50%-61.8% Fibonacci retracement levels and has shown many tails near the zone.Even though this is a bullish sign, price needs volume to support the bullish sentiment. Additionally, price needs to move with momentum in order to prove that bulls are present in the stock. Price has touched the Fibonacci zone many times but has returned back to it twice, suggesting that buyers are exhausted and might not be able to push the prices higher. This confusion can be ended with a strong breakout on either side of the range, to confirm and prove either one of the bias right. Patience is important and will need to wait and watch how price progresses with volume.
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
Comment:
Fibonacci levels are acting as demand zone. Adani Ent has moved 2% for the day. Waiting for a bullish upthrust candle to go long
Comment:
AdaniEnt has moved 7% in today's session. Strong buyers have entered the stock and I expect a breakout from the range.
