Chambal has been falling non-stop for the past couple of weeks and is now approaching the Confluence zone. Previous Supply turned demand zone.
Demand lies in between 550-580 (although I believe 575 would hold strong).
FVG left at 660-680 zone, and most probably the price would retest that first before falling further (if at all the trend to resume downwards)
The pin bars made on Wednesday and Friday (21st and 23rd may), suggests that the selling pressure is slowing down.
We cant rule out a flush on the downside to hunt liquidity first.
I will wait for 660-680 levels to review and decide on directional trade on this counter.
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
Demand lies in between 550-580 (although I believe 575 would hold strong).
FVG left at 660-680 zone, and most probably the price would retest that first before falling further (if at all the trend to resume downwards)
The pin bars made on Wednesday and Friday (21st and 23rd may), suggests that the selling pressure is slowing down.
We cant rule out a flush on the downside to hunt liquidity first.
I will wait for 660-680 levels to review and decide on directional trade on this counter.
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
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First leg of correction is still in progress.. Here is the internal counts.. Expecting a double bottom near 540-550 zones and then a move up towards 620 to complete the 4th.. 
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.