Adani power underwent a lot of correction recently but now took the support of a trendline. If the 113 level is crossed, then we might see the above targets.
Here, the targets are forecasted by the XABCD bearish bat and butterfly patterns. This is a very risky trade considering the stop loss level being 20% below the buy level but highly rewarding if the trade goes right.
So, to exit with less loss if the trade goes wrong, follow the trendline and exit when the price breaks this trendline and the immediate lower low.
All the target and stop-loss levels are mentioned on the chart.
Happy trading :)
This is just for educational purposes.
Trade active
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Broke 113 level and achieved target 1 on the same day. Keep trailing :)
Hi, I purchased at 133 today and it came down to 124... can we expect a rise again.. or will it fall further ?
Sanjan91
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@nkavitha14, we can't say if it rises or not but it must hold the 108-113 zone. Price closing below this zone must be the stop loss. 133 is an important level for being a swing high from where the price got corrected. We generally expect a pullback before taking out resistance for further rally. RSI (day timeframe) at 77 also indicates an oversold zone, some traders would like to book profits. Today could be a normal profit booking day after 7 days straight rally. Hope it catches momentum in the coming days. Maintain and accept the stoploss, if the trade went wrong. Thank you.
sejbadwal3030
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can we enter at cmp sir? I mean in this volatile market will it b a good buy?
Sanjan91
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@sejbadwal3030, the price has broken the trendline and if it breaks 89 level, more downfall could continue. If you are a long-term investor and you think it is a fundamentally strong stock, buy in very little quantities and add more when you get a trend confirmation. If you are a trader, wait for the 89 level or some bounce from the current levels.