Once Rising trendline gets broken decisively - likely it heads next swing low for support which comes in the zone 9765-9800 zone.
Once it takes support we will search for buying opportunity. In upside move 10590 & 10550 are the levels where bears have troubled or was a strong supply zone, so we will look for a move above 10600 in coming days as confirmation that CNX IT wants to head upside.
Previous Update- W = Y = Z equation solved
Trade active
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14:11 Hrs 19th Jan2017
Last Price@10185
A negative running candle for the day from 10250 to 10175.
Trade active
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13:20 Hrs 20th Jan2017
Day's Low@10142
2nd negative candlestick
Trade closed: target reached
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12:15 Hrs 31st Jan2017
Last Price@9758
Day's Low@9734
Kissed the target zone 9765-9800 -here there is support we will wait for the market to show us the way next & should not hurry.
Trade active
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18:00 Hrs 2nd Feb2017
Last Price@9926
After falling below rising trendline & kissing the target zone- some hope as it started rising back.
Trade active
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22:27 Hrs 3rd Feb2017
Last Price@10025
2nd Green Candle done for the day.
Comments
nirav5
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Thanks Abhishek. Do you mean to say that selling is completed now and it's time to go Long? I got confused with the heading Short.
WaveTalks
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@nirav5, Yes it looks like in upcoming session if 9590 is protected downside then it is a potential candidate for upside move.