Have a look at the yearly chart (weekly candle) to understand the long-term trend of Adani Power. As per the chart, it is completely bearish this year. As analyzed, this may fall into the yellow zone.
Here are two colored boxes, all right.
* Yellow Box: The price may need support in the zone.
* Red Box: A zone for hot sellers Following a sharp decline, the price may retrace to this level. Confirmation of a bullish trend would come from the price breaking through and moving higher.
It will take time to produce a bullish price action, so now is not the time to invest. After a significant decline, price does not immediately rise again. At first, it will move in a direction that is either sideways or consolidating, but later, it will shift and move upward.
Here are two colored boxes, all right.
* Yellow Box: The price may need support in the zone.
* Red Box: A zone for hot sellers Following a sharp decline, the price may retrace to this level. Confirmation of a bullish trend would come from the price breaking through and moving higher.
It will take time to produce a bullish price action, so now is not the time to invest. After a significant decline, price does not immediately rise again. At first, it will move in a direction that is either sideways or consolidating, but later, it will shift and move upward.