NeeteshJain

EXIDE: BREAKOUT + ELLIOTT WAVES ANALYSIS

Long
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
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.