Clean 5 wave decline...corrective rally OR a new long term upmove should being as long as price holds 340 levels.
Recommendation is to BUY on all declines till 340.
3 times prices are not falling below 350-360- which could be an important zone- we will keenly watch for 370-375 zone if holds, then going beyond 385 on sustained basis shall be a good opportunity for taking long position or close to the zone 360-265 holding above 350. In that case targets I shall look for 410-430 Zone
Long Term Going only Above 515- I shall...
as we can see there is bullish harami and price above trading above 8 ema and the overextended downward prices and stochastic in oversold level can be and opportunity
Castrol 375 is currently near a triple
bottom support,But the fall is stronger than
the hike.Expecting a support around 360 level.
ON break of that,it can fall down to 300.
Indicators having a negative cross overs
A clean 5 wave decline on day timeframe. Holding 360 levels, price should do a strong rally
On Month timeframe : A seemingly A-B-C correction going on...to an outer extent of 320 levels.
Summary : Add now on all declines in pyramid fashion.
If Castrol breaks the neckline that this can test the first Trendline support.
Intraday or for couple of days keep an eye and short this on confirmation.
Target 1- 452
Like it if you Love it :)
Broke The Trendline & Cloud.
All Indicators are Bullish.
But be Patient for a Test of the Trendline and More Important, for the Nifty to Start Uptrending again.
CastrolInd is giving a Buy Setup on 60mins timeframe. It correction can break on the upside soon.. One can Buy the stock at the breakout with stoploss just below the low with targets of around 465.
Happy Trading!!
Siraj Hudda, CFTe
Web: www.prowaveanalysis.com
Skype: sirajhudda
Email: contactus@prowaveanalysis.com
Facebook: www.facebook.com
Twitter:...
