TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 3 to 8 times.
According to the double top formation, the target is 312, which is yet to be achieved.
In case that is achieved that would mark as a breakdown for the rising wedge thereby indicating more downtrend. As per the Rising wedge target: 265
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Sterlite Technologies Limited is currently struggling near Fibonacci @3.14 Projections. From Past three months, stock is not able to cross Fibonacci 3.14 levels. However as yet there are no sign of weakness or reversal in the stock.
Stock Might consolidate more near these levels.
Support are at 310, 270
Resistance at 360- 370, 430