METROBRAND - BULLISH - IMPULSE - STARTING
Updated
Hi Folks,
Metrobrand has shown very high delivery in overall day volumes. It has gone through a healthy correction of 50% of last leg of impulse. Stock has absorbed selling pressure, albeit with low volumes with high liquidity.
Currently, price has broken out the falling wedge and RSI has shooted up to corroborate the strength of this up move. Constant weekly close above 30 WEMA also indicates bullish stance of this stock.
Elliott Wave Analysis
1. On larger timeframe its an ongoing impulse in the form of 12345.
2. Internal 4 of larger 3 seems to be getting over with one more divergent bounce left.
3. Targets are marked with fib projections on the chart.
4. 2-4 trendline will act as invalidation levels.
5. 5th wave can hit the upper channel.
Not a trading reco, please do your own due diligence.
Metrobrand has shown very high delivery in overall day volumes. It has gone through a healthy correction of 50% of last leg of impulse. Stock has absorbed selling pressure, albeit with low volumes with high liquidity.
Currently, price has broken out the falling wedge and RSI has shooted up to corroborate the strength of this up move. Constant weekly close above 30 WEMA also indicates bullish stance of this stock.
Elliott Wave Analysis
1. On larger timeframe its an ongoing impulse in the form of 12345.
2. Internal 4 of larger 3 seems to be getting over with one more divergent bounce left.
3. Targets are marked with fib projections on the chart.
4. 2-4 trendline will act as invalidation levels.
5. 5th wave can hit the upper channel.
Not a trading reco, please do your own due diligence.
Trade active
Impulse started, good follow up move.
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