A Modest Compounder -Ganesh Benzoplast LtdGANESH BENZOPLAST 1D BSE Present situation...
1.Symmetrical triangle
2. Last uptrend rejected by the Kumo Red resistance cloud and heading downwards
3.Last stupport was taken on the weekly pivot level
4.Impending triangle breakout, marked by nearing apex and lower volumes inside the triangle...
Symmetrical triangle breakout..
Bearish breakout is likely die to the following reasons..
1.The red kumo daily cloud has rejected and has formed a persistent red cloud over the price which is likely to get rejected again if approached
2. 2 different ABCD formation is likely with the lower C point yet to be confirmed before the CD leg, the C point is expected to form below the triangle
3. The weekly pivot marked in red horizontal line is below the triangle
4. the weekly ichimoku kumo green support cloud is way below the triangle..
5. the price failure theory of the pitchfork median line
So we have an intratriangle resistance, and all the supports below the triangle ..
So a breakdown is likely...
The breakdown is to take support from either the weekly kumo cloud out or inner margin or the weekly pivot point
The next uptrend is probably because..
1. the price magnet theory to the pink median like of the schiff pitchfork
2.support and bounce from the weekly kumo cloud
3.ABCD formation
4. Bounce from Pivot to resistance(weekly)
The upward initial limit of the bounce is assessed with the fibonacci levels of the ABCD and a little higher than that is the weekly R1 resistance ...
LAstly, the fibo arcs beautifully confirms the projected sequence of events taking place at the breach of each arc, as has been the case previous when the price was inside the triangle...
Disclaimer... No current investment, interested and tracking fundamentals.. this is not an investing/trading recommendation..
this is not a time dependent analysis
The scale is being shifted on publishing the idea and the arcs are getting messed up, so here is a screen shot of the arcs to the original scale i was working with...
