NeeteshJain
Long

EXIDE: BREAKOUT + ELLIOTT WAVES ANALYSIS

BSE:EXIDEIND   EXIDE INDUSTRIES LTD
In the above chart, I have indicated a Breakout from a rectangular consolidation and simultaneously Eliottt Waves action in order to showcase the importance of both in Technical Analysis .

After few weeks of consolidation in rectangle formation, the price action broke out from the rectangle on Wednesday indicated strong buying pressure and thereon the price action remained and managed to close above 184 resistance level for three continuous day. Buyers look excited and shall move prices up.

As per Elliott Waves , there is completion of Regular Flat corrections ( ABC ) and now the price action is in a Wave 3 of impulsive move.

Target 1: 192
Stoploss 179

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