This is my take on Adani E. The script never got corrected since April 2020 and was always in uptrend. The fall in the month of January is the first correction of Wave 1 on weekly chart. The correction was sharp and fearful and upto 78.6% retracement. In case if the trend is to reverse and Wave 3 is to start it would be confirmed only on the closure on weekly basis above 2160 level. In case if in the near term the price gets rejected at 2000 level further pain may continue. The chart is also an inside candle pattern on weekly chart indicating the downtrend continues.
The new long can be entered only at the break out above 2160 level.
Building long position before 2160 level break could be a disaster. The low side could be 400 and below.
The new long can be entered only at the break out above 2160 level.
Building long position before 2160 level break could be a disaster. The low side could be 400 and below.
Trade active:
The analysis is holding good. 2200 price zone got rejected....Still insider bar...the downtrend continues...fresh short can be initated at 1700 level..
Trade active:
New low could be 1000 or below...
Comment:
Made a low of 1100 and upward move...This is for the first time that the previous week high has been taken out....Longs can be initiated with 2200 as initial target and SL of 1660.
Comment:
Break out at 62% retracement level. Watch out for price action around 2400 zone... This would be 50 % retracement level and if taken out the new highs could be 4000 or more.
Comment:
Adani showing strong support around 1700 level.
Comment:
Still trading below the GAAN FAN line. A flag pattern correction can be seen. Price volatility has skewed. Break out on either side could lead to massive move.
Break out above 1900 can take this towards 3400. Break out below 1600 can take this towards 600.
Break out above 1900 can take this towards 3400. Break out below 1600 can take this towards 600.
