Poison_1907

Poison_1907

And whether that will mark the ultimate resistance probably most of us have been looking for?? Fb 1.618 is a very strong resistance and that level when Fb levels drawn from Mar fall to bottom is 16970-985 (drawn using log scale) Possible timeline 24-25 Aug Disclaimer: Just an opinion

Poison_1907

Price can go up in opening to 14750-14760 should face resistance there of the daily 10 MA From there it can start falling facing support at 14673, 14630, 14580. For a big move today, 14760 on the upside should be crossed and for a big down move today 14673, 14630 and 14580 needs to be breached. Hourly stochastic is negative. Daily stochastic is positive. Weekly...

Poison_1907

Nifty has for the third time recently touched the same price zone of 870-900 and was rejected twice earlier, now on the third time its likely that price will not be able to break this level upside. If it does then 15000 isn't far. While if it does not then 14350 is coming where price can take support but since it has already breached below 14350, this time its...

Poison_1907

While today's fall was expected and my yesterday's idea can be checked for the same, I am not really sure about tomorrow. There are mixed signs, 1. The hourly stochastic is positive K% is above D%, which according to me is a very good indicator indicating green trend 2. Nifty touched 0.75 gann levels, reversed, retraced almost 78.6% of the total fall from 14575...

Poison_1907 Updated 

Nifty has last week taken support at Gann level and can be expected to again show some bounce in the initial hours tomorrow. The daily stochastic was almost turning positive till yesterday closing until today's fall, now it's again indicating weakness. Hourly stochastic is currently resting on the lower band and therefore bounce can't be completely ruled out. I...

Poison_1907 Updated 

Yes it does seems so. The parallel channel can be observed in the chart, has been running for sometime , provided price support at no of times Broken today 💔

Poison_1907 Updated 

Completion of wave cycle, green trend line a very strong resistance zone.

Poison_1907

If breaks above 1346 then can rally up to touch 1450-1500 where red parallel channel will act as resistance. This will mark the completion of wave 5, if the same is already not completed. If breaks below 1277 on weekly closing and 1235 on daily closing then 1045 and 859 could be the min. targets that can be expected.

Poison_1907

Wave 3 or wave 5 itself seems to have completed. If it is wave 3 completion then 38.2% retracement lies at 1220. If its wave 5 completion then 38.2% level is at 1167. Price has also fallen below MA.

Poison_1907

1. Intermediate wave cycle seems to have completed, and stock is up for correction, currently retraced less than 23.6% which is at 400, breaking 400 can open gates for another 13% correction till 348. Usually it should at least retrace by 38.2% levels therefore 348 seems likely. 2. Nifty IT index is weak too.

Poison_1907

First target 23655 and if that breaks next target would be 20948 which is 0.38 retracement of the Mar'2020 rally till the top. Intermediate wave 1 to 5 seem to have completed.

Poison_1907

Price may break the support due to weak broader index. Twice the stock has taken support at 242 recently after breaking out which confirms the valid breakout. 248, 260 as the first minor resistance points and then can aim for 300+

Poison_1907

can face resistance at that point

Poison_1907

Price touched 1.618 retracement levels from March fall, now facing resistance, can find next support at 5754

Poison_1907 Updated 

Could break anytime now

Poison_1907 Updated 

To go long with precaution

Poison_1907 Updated 

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Poison_1907 Updated 

Breakout above 174-175 can act as a confirmation.