The analysis is given on the chart
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I have marked up the entire chart to show the accumulation. We need to see the RS compared to index. The Buying Power will be strong ONLY when Index is clearly n Uptrend and the RS of this scrip is in harmony. Right now at the BU to the LPS .. this is a Value BUY and appears set to rise smoothly .
From 17th to 21st Aug was Clear Buying Climax .. WE know the Down Trend Started . The Question for us.. Is this Accumulation Or Re Distribution ? For Novice like me.. Its just not clear. I can sort of trade the UT and Springs.. JUST need to be more sure if the Trading Range is Too Narrow.. After a few UTs and STs we can be more assured . In case of BreakOuts in...
From LH and LL we suddenly see Stopping Volume and we enter into a Side Ways Trading Zone . We see Huge Spread and Volume -- thats Institutional Buying ( Prelim Support - PS ) . We see the Selling Climax . SC . We see the easy Auto Rally . AR . The AR as expected cannot take us to a new High however it takes us to high of the PS Bar. THAT is a critical Bar . After...
LEARN WYCOFF THEORY COMPLETELY , THE 4 PHASES I TOLD , THATS HOW PRICE IS DELIVERED IN INSTITUTIONAL PERSPECTIVE, I WILL POST MORE CONTENT SOON
I AM HERE TO HELP EVERYONE AND NOT SELL ANYTHING
ICICIBANK seems to be displaying the Wyckoff pattern of accumulation phases.. if this is true as per the theory, then we should have a breakout soon.. BankNifty showing similar signs too! Beers if im correct.. some for Mr. Wyckoff too! :-D
(For Learning Purpose)
Currently trading in Wyckoff's Phase 1 (Accumulation)
Test of supply happened and price started to move up with expanding volume
We can clearly see volume expansion when price moves up and volume contraction when price moves down or trading in range
Price might move down to ₹40 - ₹42 range before starting to move...
(For Learning Purpose Only)
TIME FRAME - DAY
Price in Phase 1 ( Accumulation)
Test of supply completed
Price above DC
TIME FRAME - 15 MIN
In correction phase
Volume supporting price action
Price either open gap down @ 161 or price go down till 161 before moving up to 171