ELLIOTT WAVE ANALYSIS: All observations are clearly indicated in the chart.
Elliott wave is an road map to identify the direction of market.
Wave "1" : Motive wave in the form of leading diagonal completed
Wave "2" : Simple zigzag completed
Wave "3" : Motive Wave Golden wave started.
Kindly hit the like button to forecast the chart like this...
Exide is a sure a buy from my side,but one should wait for new entry since it looks overbought. Let it correct a bit before huge breakout. The market sentiments couldn't be predicted due to increase in covid cases and inflation reports. Trade safe:)
On breakout. 188-191 strong resistance zone. Today took 200EMA support, soon 50EMA will cross from below 100EMA , which indicates Buy signal.
Fibonacci level- 189-190 to break.
Can make inverted head and shoulder pattern.
Long Idea - Target 198.
Setup - ABCD pattern
Entry - 185-186
Stop - 169.5
Price Target - 198 range
This is not a high momentum stock and is investment grade.
Even if the stoploss is hit and prices crash, the stock is a great buy around 120 levels.
Disclaimer: Please trade and invest at your own risk.
Exide Industries looks good for long as the trend of the same is uptrend and also respecting the trendline so it can be bought at cmp 183.50 for the targets 191 / 201 / 211 plus with a strict sl of 169 for a short to medium term
All charts posted here are only for EDUCATIONAL PURPOSE.
Before making any Trading Position kindly consult your Financial Advisor.