As the current price is at the edge of the support line, the price could back up bullish in short term. However, in longer term after price hits the channel line, it could be resisted and go downwards.
EDELWEISS moving in a channel - Ichimoku Uptrend
This is for educational purpose only
Tenkan and Kijun cross above kumo and price above TK
Future Kumo is green
Chikou is above kumo and uptrend
Also you can note RSI divergence ... which is interesting
Heading towards 200 as its moving along a channel and consolidating.
If it moves above 193 tomorrow then...
s can be seen the price is trading above the Cloud decisively and is in line with the broader markets movement of Nifty. The issue can be added near kijun level. One concern is the flat Cloud B line which means stock is flat movement. therefore advisable to add small portions on dips and once conclusively trading above 260 with upward move of Cloud A and B line,...
Break Out Above Cloud.
Chikou Span Above Cloud.
Dragonfly Doji Candalstick Observed on Previous Day.
Current Price Above 21 EMA.
Can Be Accumulated Till 223 for Targets 251/261/271 with Support @ 211.
Other Details Mentioned In chart.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered...
After consolidating in cloud Nifty break down below cloud low at 10488 . There was attempt by Bulls to pull Nifty up which resulted in small bullish cloud formation . However bulls attempt failed and Nifty broke cloud low of 10488 .
Now going forward cloud low may act as resistance around 10510.
Downside Nifty spot may slide till previous low .