JTEKT 1D
BOS (Break of Structure):
A break of structure occurred in the uptrend, signalling a shift in market momentum around late April to early May. This indicates that the previous resistance was broken, which led to a strong bullish rally.
CHOCH (Change of Character):
After the bullish move, a change of character is marked, indicating a reversal from the uptrend into a downtrend in mid-July. This suggests a potential shift in the market's direction from bullish to bearish.
Fibonacci Levels:
Fibonacci retracement levels are drawn, with the 0.618 level providing a significant resistance around ₹185, and the 0.786 level offering support near ₹165. The price is currently consolidating between these key levels.
Order Block (OB):
There is an order block marked around the ₹165 zone. This is a significant area where institutional buying or selling occurred, and it may act as a strong support for a future price bounce.
Current Price Action:
The price is hovering near the 0.786 Fibonacci retracement level and the order block area, indicating a consolidation phase. The stock seems to be coiling, preparing for a potential breakout either upwards or downwards.
Summary:
The stock recently experienced a change of character and has retraced down to the 0.786 Fibonacci level near an order block. This area could serve as strong support, setting up for a potential upward bounce if the market regains bullish momentum.
The resistance at ₹185 (0.618 Fibonacci level) will be key to watch for further confirmation of a reversal or continuation of the current trend.
A break of structure occurred in the uptrend, signalling a shift in market momentum around late April to early May. This indicates that the previous resistance was broken, which led to a strong bullish rally.
CHOCH (Change of Character):
After the bullish move, a change of character is marked, indicating a reversal from the uptrend into a downtrend in mid-July. This suggests a potential shift in the market's direction from bullish to bearish.
Fibonacci Levels:
Fibonacci retracement levels are drawn, with the 0.618 level providing a significant resistance around ₹185, and the 0.786 level offering support near ₹165. The price is currently consolidating between these key levels.
Order Block (OB):
There is an order block marked around the ₹165 zone. This is a significant area where institutional buying or selling occurred, and it may act as a strong support for a future price bounce.
Current Price Action:
The price is hovering near the 0.786 Fibonacci retracement level and the order block area, indicating a consolidation phase. The stock seems to be coiling, preparing for a potential breakout either upwards or downwards.
Summary:
The stock recently experienced a change of character and has retraced down to the 0.786 Fibonacci level near an order block. This area could serve as strong support, setting up for a potential upward bounce if the market regains bullish momentum.
The resistance at ₹185 (0.618 Fibonacci level) will be key to watch for further confirmation of a reversal or continuation of the current trend.
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.