had been falling till Mar 2020 since 2017. since 2017 we saw a steady fall till Mar 2020.
1. Since Mar 2020 , it kind of went into a consolidation between 63 and 31 levels.
2. Now let's look at the structure. The entire fall can be condensed into a downsloping channel. There are two upper . Both have been tested at least 3 times. Currently both these have been broken. Secondly, we see an accumulation after fall which seems like the consolidation before high momentum breakout.
3. Within the accumulation we can see higher lows and same high, which means the 63 level has been tested several times, once that level breaks an upmove can start.
Now let's look at the Aspect-:
---> 1. Looking at the , we find the near 63-31 level is extremely high as compared to historical at previous price levels. Secondly, all the green (buying ) is very high and red(sell ) is very low. Which further confirms this as an accumulation region.
i:e During buy volume=high, then price retraces with low and then again high buy-----> this forms a closed accumulation region.
2. Since the historical is low, There is very less barrier or resistance, which means once this breaks out, the momentum can be expected to be smooth and STRONG.
Clearly the 61 level is very important. That is the resistance of the accumulation region. So a confirmatory breakout above 61 level will signal entry.
TARGET WITH LOGIC-:
The tentative target level is all time high because since the is very low, but present is relatively stronger, any breakout can be assumed to be very strong and long-lasting. i:e it could easily cross the price levels.
Nonetheless the imp levels to watch are 108, 140 and 197( all-time-high ).
Since exiting at target is ideal, we need to keep trailing stop-loss conservatively.
We can use
1. Lows of candles
2. Moving Averages
3. S/R levels
If stop-loss is hit----> exit. Else hold on till the target level.
31 is the consolidation . Since our target is optimistic we can choose 31 as the conservative stop-loss level.
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