Godrej Consumer CMP 1146
Elliott- this is the C wave rally of the correction and is done.
Fibs- the confluence at 1146 is supported by shorter MA in red on the weekly charts and the slowest MA in black on the daily charts. Hence the zone is like a fort.
Trendline - we also have a trendline resistance at the same zone.
Cycle- the cycle study nailed the bottom of the rally. Now the next major cycle falls at the end of July.
Composite- the divergence here is indicating reversal.
Conclusion - a deep correction will again resume. Use this rally to book some profits.
Elliott- this is the C wave rally of the correction and is done.
Fibs- the confluence at 1146 is supported by shorter MA in red on the weekly charts and the slowest MA in black on the daily charts. Hence the zone is like a fort.
Trendline - we also have a trendline resistance at the same zone.
Cycle- the cycle study nailed the bottom of the rally. Now the next major cycle falls at the end of July.
Composite- the divergence here is indicating reversal.
Conclusion - a deep correction will again resume. Use this rally to book some profits.
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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.