DLF came back to test the trend line…
Updated
DLF came back to test the trend line…
Reasons/Traits :
• Three drives pattern is seen
• Channel formation is seen and in 3rd attempt channel is broken and now price came back to test the trend line
• Pricing making higher highs
• Price retraced at 0.236 levels (400 to 390) which is acting as good support
• Price far away from EMA 13 and 50 can consolidate at bit at current level
What can happen next :
Scenario 1 : Price sustaining at 0.236 levels (400 to 390) can help price bounce back to 427 levels and further can go to 450/480/500 levels, once life time high is broken
Scenario 2 : Price break down of 0.236 level (400 to 390) can take it down to touch 375/360 and can take support at 50 EMA and go up or if 50 EMA is broken can further go down 346/330/320/300
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Reasons/Traits :
• Three drives pattern is seen
• Channel formation is seen and in 3rd attempt channel is broken and now price came back to test the trend line
• Pricing making higher highs
• Price retraced at 0.236 levels (400 to 390) which is acting as good support
• Price far away from EMA 13 and 50 can consolidate at bit at current level
What can happen next :
Scenario 1 : Price sustaining at 0.236 levels (400 to 390) can help price bounce back to 427 levels and further can go to 450/480/500 levels, once life time high is broken
Scenario 2 : Price break down of 0.236 level (400 to 390) can take it down to touch 375/360 and can take support at 50 EMA and go up or if 50 EMA is broken can further go down 346/330/320/300
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Note
high 426.05Note
Still in channel, breakout did not go through well
Disclaimer
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