OI up by 19.51% and price up by 1.49%, shows very strong buildup on the long side.
Two harmonic patterns are detected:-
1. AB=CD, which gives a target of 22,294:- High was 22,276, hitting out 1st target. 2. CYPHER, which gives a target of 22,589 and Fibonacci target 22,372/22,550.
I keep on repeating, we are in a broad range of 21k to 23k and 22k is the pivotal point, just play the range until we have decisive breakout or breakdown, that's the untold story of the last 2 months.
Decision Zone 22,043- 22,130
Any stong move is only possible above 22,750.
Potential Reversal Zone is 22,372 - 22,550 if we see any reversal signal here, shorts can be initiated with SL of 21,750.
Trade what you see, not what you feel, trading is all about making money & nothing else.
Potential Reversal Zone is 22,372 - 22,550, if we see any reversal signal here, shorts can be initiated with SL of 22,750.
abraribrahimsheikh
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Nice
NaveenSagar
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i can see a divergence at 22335, and it seems to be a swing..
with a strong support of OI at 22100..
seems to be in 4th of C wave, and it can go near 22750 to complete its 5th wave of C and hence can show a possible reversal downwards..
I Can be wrong :)
subhagghosh
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@NaveenSagar, 22750 onwards, I will change my view to full bullish, for at least next 1000 points.
Till now what we see 22370-22550 being a strong supply zone.
NaveenSagar
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@subhagghosh, right..it also seems to me making Ending Diagonal Triangle, lets see..
Potential Reversal Zone is 22,372 - 22,550, if we see any reversal signal here, shorts can be initiated with SL of 22,750.