It's gapped up and formed a shooting star in 15m tf . But, we can short at break of that candle as it will fill gap by falling .
NSE:ADANIPOWER Adani power near its major resistance level spending too much time on lucratively lower volume compare to its past up move. I will get interested only if stock manage to give any closing above 41.6 on daily chart.
Adani power ,making a Flag pattern, above 40 it can go upto 60 level.
Adani Power has given break out of Upper Bollinger Band on Friday-07/08/2020 and today confirmed also with increase in volumes and Interestingly the breakout happened after squeeze. This may well be a new trend direction indicator Prior Squeeze period was for last 17 Days, so we expect a target of 39-41.9-43.5 in next 7-15 days.
The stock has been trading in a narrow range since a long time now and in the last trading session we witnessed bulls taking over and a strong closing. A quick upside of atleast 10% can been seen in this counter....
This is my first drawing i have seen in adani power daily chart it is forming triangle pattern
NSE:ADANIPOWER gave a triangle breakdown. Let it move further down to short, as a possibility of fake breakdown is there too.
Adani power is trading on Uptrend now and in the chart i have shown that the Price is very near to support level. The line is Trend line near the end point, Wait for the Price to cut across Trend line and Breach support line. Trade only after Trend line is breached and support resistance is crossed. It could give 10-12 % Up-move from the Level
Buy NSE:ADANIPOWER TP: 38.9 SL:32.8
Expecting reversal from Support trend line. Buy at CMP Target = 32 SL = 29.95
SL compulsory. signal candle low as sl