Berger Paints Spot CMP :- 735
Bearish Crab Pattern formation :-
PRZ zone :- 726-738 levels.
SLZ zone :- 760 levels
1.618 XA :- 726 level
2.618 BC :- 738
Elliot Wave Study :- Currently counter is trading in impulse wave 3 of impulse phase.. At the moment wave 3 have extension of 2% of wave 1 which is around 745 levels.. if wave 4 unfolds from this levels retracement till levels of 660-620 possible.
Chart Pattern :- Rising parallel channel , Currently counter is trading around resistance trend line of rising channel pattern,, if unable to sustain around this levels and fall to mid line and lower support line of channel.
RSI :- Price is making higher high and RSI is making lower high, bearish divergence..
Good short candidate.....
Bearish Crab Pattern formation :-
PRZ zone :- 726-738 levels.
SLZ zone :- 760 levels
1.618 XA :- 726 level
2.618 BC :- 738
Elliot Wave Study :- Currently counter is trading in impulse wave 3 of impulse phase.. At the moment wave 3 have extension of 2% of wave 1 which is around 745 levels.. if wave 4 unfolds from this levels retracement till levels of 660-620 possible.
Chart Pattern :- Rising parallel channel , Currently counter is trading around resistance trend line of rising channel pattern,, if unable to sustain around this levels and fall to mid line and lower support line of channel.
RSI :- Price is making higher high and RSI is making lower high, bearish divergence..
Good short candidate.....