AdaniPower has been on a bull run from a long time, but it looks like it wants to take a break. The volume is decreasing and it is also forming a head and shoulder (Trend reversal). Wait for it to break the trend and retest to play it safe. Because it might end up playing the triangle and pump (the possibility is low for now, but to be on safer side, wait for it...
I've observed a good Flag pattern trade, which could reward well in short term. One can buy the stock with the following details
Risk/Reward Ratio 3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Adani power may move upto target(shown in graph). Wedge pattern breakout done already. Descending channel breakout may happen upcoming days. Both pattern shows same target only.
AdaniPower is retesting the two year neckline, after an year long double top move.Probably going for a double bottom, if it can hold the neck.Awaiting a breakdown/reversal depending on the color of the nifty.
It is been observed on the hourly chart that the price action is trending up by forming higher highs and higher lows. Now, it shall further move up from current levels if the trend sustains.
Target 1: 34.50
Target 2: 35.50