Technical Observations:
Pattern Identified: The chart shows a corrective C wave formation. The price bounced from a significant demand zone (₹3,851 - ₹3,922), signaling selling pressure exhaustion.
Breakout Confirmation: A sustained breakout above ₹4,072 on the daily chart will confirm bullish momentum and validate the setup.
Buy Trigger: Initiate long positions once the stock closes and sustains above ₹4,072.
Targets:
Stop Loss: Below ₹3,851 (To manage risk if the demand zone fails).
Learning Points:
Change of Character (ChoCH): A transition from downtrend to uptrend, marking a potential reversal.
Wave C Setup: Accumulation during the corrective phase leads to a demand-driven uptrend.
Risk-Reward Focus: Entering above ₹4,072 ensures alignment with the trend, minimizing false signals.
Reason for Action:
Demand Zone Validation: The bounce from ₹3,851 - ₹3,922 confirms strong demand.
Breakout Strength: Sustaining above ₹4,072 validates the bullish setup.
Targets Justification: Both targets align with resistance levels and Fibonacci projections.
Pattern Identified: The chart shows a corrective C wave formation. The price bounced from a significant demand zone (₹3,851 - ₹3,922), signaling selling pressure exhaustion.
Breakout Confirmation: A sustained breakout above ₹4,072 on the daily chart will confirm bullish momentum and validate the setup.
Buy Trigger: Initiate long positions once the stock closes and sustains above ₹4,072.
Targets:
- []First Target: ₹4,738 (Aligned with a prior swing high, acting as immediate resistance).
[]Second Target: ₹5,196 (Higher Fibonacci projection level, indicating trend continuation).
Stop Loss: Below ₹3,851 (To manage risk if the demand zone fails).
Learning Points:
Change of Character (ChoCH): A transition from downtrend to uptrend, marking a potential reversal.
Wave C Setup: Accumulation during the corrective phase leads to a demand-driven uptrend.
Risk-Reward Focus: Entering above ₹4,072 ensures alignment with the trend, minimizing false signals.
Reason for Action:
Demand Zone Validation: The bounce from ₹3,851 - ₹3,922 confirms strong demand.
Breakout Strength: Sustaining above ₹4,072 validates the bullish setup.
Targets Justification: Both targets align with resistance levels and Fibonacci projections.
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.