ADANIPORTS- MOVING IN ASCENDING WEDGE? IMPORTANT LEVELS!

17 Dis 2020

• The bulls have been pushing up the price higher and higher since the drop in March.
  
• Currently, the price is moving in an ascending wedge, which may break downwards. Hence, expecting a drop towards the bottom of the channel.
  
• Also, the previous Swing Highs have not been retested. Hence, there is a possibility of a drop towards the 360-375.
  
• RSI is already in the overbought territory. Don't think the buying momentum will sustain.
  
• There has been a decrease in the volume recently, which is also a bearish sign.
  
• All in all, I am expecting a drop towards the bottom of the channel.
  
• If the trendline does not support the price, then I will look out if the wedge breaks down or not. If it breaks down, then I will look at the 330-345 and further 300-315 regions.
  
• On the upper side, if the trendline is able to hold, then it may come will 400 region and then shoot from there.
  

*Everything is marked on the chart- Swing points, trend lines can be used for trading along with some momentum indicators.*

Try to look out for a confluence of these parameters, don't trade solely using any one of these parameters.

P.S: This is NOT investment advice. This char is meant for learning purposes only. This is my personal journal. Invest your capital at your own risk.