this stock is cash stock and is very cheap comparing with its peers. the line above rounding top is stoploss of 68₹ on weekly closing basis and this view is of about 3 months to 6 months can fetch 3 digits if all well in market.
Nifty Spot CMP 13000
Elliot wave Study :- Impulse phase is on verge to mature, and if Corrective phase unfold for this whole impulse swing we might see some retracement in coming 1-3 month ,, price wise which can be 0.236% to 0.50% of this whole swing.. more details mentioned on chart..
RSI Divergence :- In last wave of impulse phase , price is making higher high...
Price forming a rounding top pattern and which is not a good sign for the script. If breaks the support then it should break down !!! Hopefully it will take support from 1800 levels.
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NIITTECH( Now COFORGE) unable to break the 2025 zone repeatedly and in proces had made a rounding top like formation,
Yesterday fall was exactly on the support line of 1882.
Today it took the same support and rose significantly.
Its pushing upwards and will be able to break the resistane line of rounding top.
Technical analysis of price information suggests that a rounding top may form at the end of an extended upward trend and that this price pattern may indicate a reversal in the long-term price movement.
The main point of recognizing the pattern is to anticipate a significant change in trend from upward trending prices to downward trending prices.
Price movement has formed H&S. However, right shoulder as we see at it is not pointed. Instead, it appears to be a round top in formation. Both portend a bearish outlook. RSI (daily) is 42 - Bearish. CMP is below 20 and 50 DEMA. Price movement will invalidate round top only if it moves above 3135 - 50 DEMA. Price outlook on a weekly and monthly time frames is...
Biocon formed Rounding Top..
since this is weekly chart analysis the time duration for the target is 2 weeks to 4 Weeks.
Entry should be taken only if the breaks fib level of .618 level..
Note: There is chance for reverse @ .786 level. because the characteristic of Fibonacci is .786 level in day chart.. take this as first target.
Then final target is Fib...
Nifty view for Next Week
Forming Rounding TOP Type of Pattern on Hourly Chart
Yesterday closed on Lower point of this pattern
In Next Week
If BreakDown below 11770 Support zone
will lead a fall till 11700-11686-11615
Below 11600 will lead to fall towards "Gap-filling 11426-11591"
Still Strong Resistance 12000 to cross
Open Interest Data:
11900-12000 Very Strong...