Keep on radar!
Disclaimer:I am NOT SEBI registered. THE OPINION GIVEN OR THE CHARTS PRODUCED HERE ARE FOR MY PERSONAL REFERENCE ONLY AND THEY ARE NOT ANY BUY OR SELL RECOMMENDATIONS. Kindly consult your investment advisor and family members before investing.
Stock has technically broken down from all it support levels , the last seems to be at 1400 INR , below this the stock will slowly move in three digits.
A falling wedge pattern since jan 2017, however for the reveral a breakout has to be there, expecting a breakout in Oct, 2018 (between 8 &15) weekly basis.
Entry only after the breakout.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
The sideways trend is broken indicating the demand has kicked in. The zone is being retested and will be a support if it sustains.
One can long above 3050 as the trend will be established.
Buy - Above 3050
CBSL - 2850
Target - 3750
Bearish Movement on the charts . If 3260 is taken out see the accumulation zone getting activated till levels of INR 2950 -2850. The Fibonacci retracement level of INR 2850 can provide a bounce and this opportunity can be used to go long .
As per my wave analysis..
Short term : Prices can go up to the Green TL, only to come back down to around 2700-3000 levels.
Medium term : Buy low at around 2700-3000 levels, when we get the reversal signals, target 5400++
This setup is a an example of how to read MACAD.
There should be confluence.
Price shot of up after the trend line was broken
There were multiple confulences indicating strong movement in the expected direction.
MA's in all the three MACAD were above the MACAD "0" Line.
There are lot of other factors related to MACAD which made this setup sucessful. Please...
Watch the green lines in the chart. If the price bounces off either of the two green lines, it would then be a sign that buyers are strong and eager to push the price higher. A Hammer-candle at either of these lines would make me interested in adding more of this stock.
