Indiamart view for next week or month. As the stock is near a reversal phase.
Indiamart has been taking support from its 20 ema on a daily time frame and has spent 3-4 days trading near its moving average.
On volume analysis, it seems to be in an accumulation zone as the volume are low.
The stock on technical analysis is quite bearish as its has been trading...
jubilant food works after being hammered solid its near its potential buying zone
pretty oversold in the channel as you can seen
also jubilant has completed the classic ab=cd pattern, expecting at least a 0.382 to 0.5 retracement(marked on far right)
0.5 retracement also happens to be the old swing high where liquidity is expected to be sitting
Nifty next 50 had broken the parallel channel but still managed to close within the boundary. It had bounced from 240 Dema. Daily close below 33460 would be negative for 30000-30500 zone. LL on daily chart is not a positive structure
HL is required to be posted to confirm the respect of lower boundary of channel.
Disc : it's not an investment advice to buy or sell
as a rule when harmonic pattern is completed, stock must fall till 50% then may resume uptrend and we are seeing exactly the same here now from 50% retracement i have drawn bullish ab=cd pattern long target is
trade and invest at your own risk
The weekly bullish Harmonic reversal appears to have completed its pullback from the 38% level, It is on the verge of a breakout in daily time frame above 13400 which indicates the possibility of 15000 (50% retracement) with a minor resistance at 13800. View negates below 12900