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Very Nice Setup......on Daily and Weekly.........Broke out, came back to test the breakout zone, closed at high on daily and weekly.......
1. Looks like a breakdown . because there is a RSI divergence in 1hr chart .
2. It has also just popped below the moving average.
3. TP if breakdown -136
TP if breakout-145
1.Adani enterprise looks like a breakdown because in the 1 hr chart..u can see a RSI divergence.
2. Also it just popped below the moving avg.
3.So either breakdown or breakout , will test those structures marked in blue rectangle boxes
stock had a sharp down move
now again in verge of resuming the trend
one can look into the stock around today's close
for target towards 122/120/115.5
with sl places around 133
It is observed that Adani Ent is moving in a channel. Wait for breakout of either the upper or lower trendline to initiate longs or shorts .
Disclaimer: I am a novice at charting and this chart is purely for educational purpose. Views and opinions are welcome
It is been observed that the price action breaks out from the downward trendline on daily chart and now it shall further move up to reach higher price levels.