Adani Ports fell continuosly for 9 days and stopped at harmonics reversal zone of 311.
Made low of 309.6
The next day it made inverted hammer and today hammer.
View is to long about the high of hammer
Long above 320
Highest OI is at 350 CE and 320 PE.
expecting it to close in between this range
Once in profit of 3-4 rs can sell 335 CE to...
1) Head and shoulders
2) Triple Tops.
One can enter short after the breakout of the neckline.
Trade with risk management but don't get afraid of taking risks because the winner is who BETS as well as never gets short of CHIPS...!!
Ascending Triangle formation
Above the resistance of 43.5 can touch 46.5
RSI is favorable at 58
Today it gave a breakout of 43.5 with volume but even if it doesn't close above 43.5 today , it may do so in days to come.
Keep a close watch.
Price action clearly depicts the strong bearish view for short term.
Prior to the failed breakout price action was quite bullish but after the breakout failed the stock has continuously made LH & LL which is a classical bearish price action. RSI confirms the strength of bears and weakness of bulls. Once the RSI falls below 40, one can expect a sharp fall with...