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Update on the Wyckoff accumulationA couple of days ago I posted an idea talking about a possible Wyckoff accumulation pattern forming. Here is an update. Last time we were just retesting the lower levels, it wasn't quite a spring since we didn't manage to breake it, we just saw a bounce. This time, however, we did see a break down, the price came all the way down to the 28k-19k levels. So far, the price has bounced and it's back in the lower levels, so I'm thinking this might be the phase C. I've highlighted some important levels, as well as some abnormal volume entries to confirm the pattern. If the price continues like this, we might be seeing a break to the upside to finish with this accumulation pattern. Let me know what you think about this idea.
Long
by AlexG3158
6
JSW Steel Accumulation: Wyckoff EventsJSW Steel Accumulation: Wyckoff Events Stock is Fallen from 290 to 150 and taken the Preliminary support and bounce till 180.where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end. After this bounce price corrected till 130 and form selling climax ( SC ) in this Phase the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests. Then Stock bounce till 150. this rally is know as Automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation Trading Range. after bounce back to 150 level price again tested 135 levels and consolidated in this range i.e. 135 to 150 during this range volume dried out and completed Phase A and Phase B. During 3rd march 2020 price broken the support and corrected till 131 levels. on 7th April 2020 price sharply rally from bottom and completed the phase C. Today Stock has checkout with volume from Trading range moved up sharply till 170 in morning this is sign of strength, and close at around 155 , As per My View price is trading in Phase D. If I am correct in our analysis, what should follow is the consistent dominance of demand over supply. This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, as well as reactions (LPSs) on smaller spreads and diminished volumes. During Phase D, the price will move at least to the top of the TR. LPSs in this phase are generally excellent places to initiate or add to profitable long positions.
NSE:JSWSTEELLong
by maheshsolanki1