cmp - 82.40, in monthly it is has bounced from horizontal support zone. final support at 50. In weekly regular bullish divergence and morning star pattern formed.
1st tgt - 114, 2nd tgt - 160
Trade active
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In daily, it has formed regular bullish divergence
Hi Paramjit, thank you. Dont you think, relying on the support line drawn touching the 2 candles with lows 42.70 and 48.65, in monthly, will be better than the horizontal support line, with 50 as its support ? Please let me know if i am missing something. I would like to learn.
ParamjitMahapatro
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@praveentrading, Hi, there is not much difference between 48.65 and 50. one important thing is support/resistance should be seen as a zone rather than a price point. In candlesticks closing price has more significance than the low price.
praveentrading
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@ParamjitMahapatro, thanks for the reply. I was talking about the trendline touching those two lows, which is not a horizontal line and i felt that this line could be considered as the support rather than a horizontal one. Hope you got my doubt now.
ParamjitMahapatro
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@praveentrading, thanks for providing more clarity on your question, yes, you may consider the trend line as a support also.