ACC can rally 25% from CMP
The Cement company is completing a zig zag correction(ABC or 5-3-5) to an impulse wave it had shown in Mar.2023.
This impulse can either be considered as beginning of a new bull market and hence be considered as wave 1 or if it is to be considered as a corrective wave it can be marked as wave 'A'.
That does not change the fact that a 5-wave impulse is always followed up by another 5-wave advance. In this case we may call it wave 2 or wave "Wave B".This wave is projected going towards 2300-2400 zone(25% from CMP).
On the downside 1800 is good support for the stock which has now also approached the channel support.
Note*- Views expressed are personal opinions/observations. Please do your own research before taking up any trade.
This impulse can either be considered as beginning of a new bull market and hence be considered as wave 1 or if it is to be considered as a corrective wave it can be marked as wave 'A'.
That does not change the fact that a 5-wave impulse is always followed up by another 5-wave advance. In this case we may call it wave 2 or wave "Wave B".This wave is projected going towards 2300-2400 zone(25% from CMP).
On the downside 1800 is good support for the stock which has now also approached the channel support.
Note*- Views expressed are personal opinions/observations. Please do your own research before taking up any trade.
Nota
sl trailed to 1810
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.