Kalyan Jewellers is still trading inside a bigger corrective wave after the strong rally toward the 795 area. Since the top, price has continued forming lower highs and lower lows, which suggests that the ongoing wave 4 correction is still active on the weekly chart.
Right now, the stock is holding near the important 330 – 340 support zone, but the broader wave structure suggests the correction could still extend toward the 250–265 region before fully stabilizing. This area becomes important because it aligns with the projected completion zone for the current corrective wave.
Even with the recent weakness, the bigger trend still looks constructive over the long term. Volume activity has also started improving near support, which often happens during accumulation phases. If the wave 4 correction completes successfully from the current region, the stock could eventually prepare for the next bullish wave on the higher timeframe.
More information will be updated soon.
BY BrightRally_Research
Disclaimer: For educational purposes only. This is not financial advice. Always do your own research before trading or investing.
Right now, the stock is holding near the important 330 – 340 support zone, but the broader wave structure suggests the correction could still extend toward the 250–265 region before fully stabilizing. This area becomes important because it aligns with the projected completion zone for the current corrective wave.
Even with the recent weakness, the bigger trend still looks constructive over the long term. Volume activity has also started improving near support, which often happens during accumulation phases. If the wave 4 correction completes successfully from the current region, the stock could eventually prepare for the next bullish wave on the higher timeframe.
More information will be updated soon.
BY BrightRally_Research
Disclaimer: For educational purposes only. This is not financial advice. Always do your own research before trading or investing.
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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.
Related publications
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.