Adani Ports Ltd. A swing trade opportunity ?
As per the technical analysis, we have witnessed a "Double Bottom" pattern formation in Adani Ports Ltd. on a daily time frame with the neckline just breached on Friday's session. The stock is expected to face a rejection in coming week as it is approaching it's 200 day and 50 day moving average. Also the volume leves were decent enough on Friday's session. There could be 2 trading opportunities in this stock.
1. One may enter at current levels as we have just breached the neckline with decent volume levels. (Liitle risky)
2. If the stock goes above the neckline in the coming week, one may wait for a retest of the neckline level which will provide some extra confirmation. (most preferrable)
The stock may see an upward move upto the levels of 745-755. On the downside, an ideal stop loss should be around 695-698 levels.
The above analysis is just for educational purposes only. Investors / Traders are required to do their research before entering into any position.
1. One may enter at current levels as we have just breached the neckline with decent volume levels. (Liitle risky)
2. If the stock goes above the neckline in the coming week, one may wait for a retest of the neckline level which will provide some extra confirmation. (most preferrable)
The stock may see an upward move upto the levels of 745-755. On the downside, an ideal stop loss should be around 695-698 levels.
The above analysis is just for educational purposes only. Investors / Traders are required to do their research before entering into any position.
Trade closed: target reached:
As per our analysis, the stock did performed well and the target of 755 was successfully achieved in 8 trading sessions. This was a perfect example of price action and charting patterns concept.