Chart on WTF and self-explanatory.
On weekly time frame, a golden cross over…. 50 DMA moving from below and crossing 100 DMA. But, the downtrend is not clearly bottomed out as evident from the chart and likely to continue.
100 DMA is support now and around Rs.71/-. If this breaks, it is likely to fall further & next support is around Rs.60/-.
Current momentum is...
A Tutorial on Support and Resistance - Part 1.
What are Support and Resistance ?
Support - Is the price level from where people expect maximum buying/demand to come.
1. Price is falling and it is expected to reverse and move up from Support.
2. Support level is always below current price level.
3. Is used to create buying positions or book profits in shorts.
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Looks good on formation side of things.
Constantly making HL with levels testing the Resistance Zone.
Now with Accumulation happening could give a major B.O.
Edelweiss has been consolidating for a long time after the big bull rally it had and now it has not broken the support and resistance, the pattern looks clean so keep watching as the stock moves above 85.
The stock of Edelweiss given the ascending triangle breakout from 87 and reached the price of 100, in the longer daily time frame. Now it has retested the price range and reversed from the daily trendline with the formation of a double bottom kind of Price pattern. The neckline of the same is in the range of 86-87, Breakout from 87.1 can lead the Price to 93.8...
Breakout with good volume..
Ensure weekly closure above green line.. 92.6.. Indicating trend reversal
Previous resistance acting as good support now..
Targets expected given in chart..
Let us see what market gives..
Chart is only for learning purpose. This is not a recommendation for buy or sell..
