Get started

Supportandresitance

Price Action and Elliott Wave Harmony Case Study Hello Friends, Here is a technical case study of RANE HOLDINGS LTD. Possible Elliott wave structure Price journey is like a story told in waves. Imagine it like a roller coaster ride. It started from a small point around 40 and climbed all the way up to a super high point at 2799. This upward journey is what we call "Wave (1)." It's like the thrilling part of the ride when you're going up. After that exciting climb, the stock took a break and dipped down to 280. We call this the "Wave (2)." It's like when the roller coaster slows down for a bit before it goes up again. What's Happening Now Right now, it looks like the stock is starting another exciting climb, which we might call "Wave (3)." In roller coaster terms, this is like the part where it goes even higher and faster. It's often the most thrilling part of the ride. Inside this "Wave (3)," there can be smaller ups and downs, like little bumps in the roller coaster track. We call these "subdivisions." They can give us more details about what's happening in the ride. Historical Correction and MACD Bullish Divergence RANE HOLDINGS LTD has a remarkable history. It reached its all-time high of 2799 in March 2018 but then experienced a significant correction, plummeting to a low of 280 in March 2020. This correction marked a staggering decline of almost 90% from its peak. Such corrections often provide an opportunity for a potential turnaround. During this challenging period, the stock exhibited a promising sign with a MACD Bullish Divergence. A MACD Bullish Divergence occurs when the stock's price makes lower lows, but the MACD indicator forms higher lows. This is a potential reversal signal, indicating that the selling pressure may have weakened, and bullish momentum could be building. Current Trading at 1200 recovered from 280 As of now, RANE HOLDINGS LTD is trading at 1200. The presence of a MACD Bullish Divergence and the stock's recovery from the lower levels indicate a shift in sentiment and a potential bullish outlook. Recent Breakouts and Support Levels In addition to the historical correction and bullish divergence, the stock has shown recent positive price action. It has successfully broken out of a horizontal resistance level on the weekly timeframe. What's even more significant is that the stock retested this same level, suggesting that the previous resistance has now transformed into support. This is often considered a strong technical signal. Also the breakout was accompanied by a good intensity of volume, indicating significant market participation and conviction among traders and investors. This increase in volume reinforces the significance of the breakout. MACD Positive Crossover In conjunction with the breakout and support transformation, the Moving Average Convergence Divergence (MACD) indicator also exhibited a positive crossover in the weekly timeframe. This crossover reinforces the bullish sentiment, aligning with the price action. Key Takeaways Elliott wave structure suggesting impulsive move towards north may be reach new all time highs with invalidation level of 280, for Long term period. The stock experienced a substantial correction, falling almost 90% from its all-time high. A MACD Bullish Divergence formed during the correction, suggesting a potential reversal in the downtrend. The stock is currently trading at 1200, indicating a recovery and possible bullish momentum. Recent breakouts and support transformation, along with strong volume, suggest further upside potential. The question is will it touch again previous all time highs ? I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:RANEHOLDINLong
by RK_Chaarts
3
My Demand & Supply zone on 4H Swing Chart of EthereumTime Frame : 4H Chart Type : High-Low (High-Low chart type filters noise from the chart and gives us a candle with High-Low) The resistance zone is marked on the basis of the bearish move of 13% in 10 days (13August to 22August). The price has marked a zone of 1618.50 to 1660 and now the price has further declined 5% from this zone. Now the price is at the support of the previous low of 1550. For now we mark a support line at 1550 and as price moves we decide for our support zone with the help of High-Low chart. Support - 1550 Resistance Zone - 1618 to 1660 Hope this helps. Thanks Sardar Simranjit Singh Virdi
by ssvirdi
Support and Resistance- Flipping Roles⚡In simple terms, support is a level where demand overcomes supply, while resistance is a level where supply overcomes demand. In the market, different types of traders participate, and I have broadly categorized them into four groups based on their behavior. ⚡You may have heard that once a support level is broken, it tends to act as a resistance level, and vice versa. This phenomenon occurs because the roles of support and resistance flip, influenced by the psychology of traders at these levels. ⚡Let's illustrate this with an example. Consider Group A, a set of buyers who bought a stock at 80. The stock price rises to 100 but faces some resistance. At this point, Group B, consisting of short sellers, enters the market and starts selling the stock near 100, with their stop-loss orders placed just above 100. Thus there is supply present at this level. ⚡The price consolidates within a narrow range and eventually breaks out above 100. Group A is delighted as they bought at a good price, but Group B becomes unhappy. Some members of Group B exit the trade as their stop-loss orders get triggered, while others continue to hold in hope of a favorable outcome. ⚡Now, another group of traders, Group C, known as breakout traders, becomes active above 100. Their buy orders, combined with the buy-stop orders from Group B, add momentum to the upward movement, pushing the price up to 110. ⚡As the buying pressure eases, and short-term traders take profits, the market starts to pull back, eventually reaching the old resistance area around 100. ⚡Many pullback traders look for buying opportunities near this level. Additionally, members of Group B, who shorted at 100, realize their mistake and start buying to close their short positions at breakeven. Some of them also reverse their positions. Other buyers who were waiting on the sidelines also start entering the market. All these buy orders create a strong demand. ⚡Notice that once there was significant supply at 100 and now there is significant demand. If this demand is substantial enough, the price resumes its upward movement, illustrating how changes in market sentiment impact a participant's psychology and consequently affect the nature of support and resistance levels. ⚡The reverse is true for how a support level, once broken down, turns into a resistance level. ⚡I hope you found this tutorial helpful. Please stay tuned for more educational content in the future. Feel free to show your support by liking this post. Disclaimer: Practical knowledge
NSE:NIFTYEducation
by Bravetotrade
15
Banknifty ( Mostly Bullish ); Intraday.Banknifty . Enter once after " Breakout and Retracement ". . . For " long " entry: 45410 target: 45575 - 45760 stoploss: 45200 . . For " Short" entry: 45230 target: 45020 - 4487 stoploss: 45350 . Enter only if market Breaks "Yellow box" mentioned. . Wait for proper reversal and conformation. . Don't make complicated trade set-up.📈📉 Keep it " simple, focus on consistency "💹. Refer our old ideas for accuracy rate🧑‍💻. Valuable comments are welcomed-✌️ . refer old ideas attached below
NSE:BANKNIFTY
by TheNuraTrading
NIFTY50 Analysis! NSE:NIFTY Weekly Analysis! NIFTY50 Long term Analysis! Nifty is currently trading at its resistance levels. I have marked all the essential levels on the chart, please go through it. Resistance Level = 18876.90 Support 1 = 18609 Support 2 = 18370.85 Disclaimer = All my analysis is for Educational Purposes only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4) Don't trade with full capital
NSE:NIFTY
by Avinash9087
Reliance - Classic morning star pattern formationReliance Industries Ltd is trading in a price range of 2200 - 2800 since Sep 2021. In between this a strong support and resistance formed where 2200 act as a support and 2800 as a resistance. Last week a bullish candlestick pattern formed in Reliance called Classic Morning Star at support level. Here are the characteristics of a classic Morning Star pattern: 1. The first candle is a long bearish candlestick, indicating that the bears are in control of the market. 2. The second candle is a short candlestick that gaps down from the previous day's close. This candlestick is also known as a "Doji" and represents indecision in the market. 3. The third candle is a long bullish candlestick that gaps up from the previous day's close. This candlestick represents a shift in momentum from the bears to the bulls. Morning star candlestick with inverted hammer at support level indicating a lot more.
NSE:RELIANCELong
by Arvind_Share_Academy
1