Floor Pivot Calculations
Pivot Point (PP) = (H+L+C)/3
First resistance (Rl) = 2*PP –L
First Support (Sl) = 2*PP - H
Second Resistance (R2) = PP + (Rl-S 1)
Second Support (S2) = PP - (Rl-S 1)
Third Resistance (R3) = R1 + (H - L)
Third Support (S3) = S 1 - (H - L)
Where, H=High, L = Low, C = Close
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This target measuring is so accurate that it almost like reading next week's newspaper today. All you have to take the peak price before an important decline sets in and subtract next low price from it.
For Example in the chart ,
You'll see the peak at 25 at A and the low is formed at 15 at B, you will get difference of 10 points ,25-15=10 points.
next step is to...
Triangle Pattern and Positive breakout on Daily candle.
Also retested the level and bounced upwards. Long position can be initiated based upon the price action.
PS: I am not a SEBI registered financial or investment advisor, It's just my analysis which i am posting.
Wabco India is in a long term side ways trend. Almost since 2016 to till date price moving in a range. Volumes seen increased after recent lows. Two highs and two lows as market with arrow. Keep watch.
