ZEN TECHNOLOGIES LTD (NSE: ZENTEC) – Daily Chart Analysis 🚀
Elliott Wave Structure | Fibonacci Retracement | Swing Targets
1. Why This Setup? 🤔
ZEN Technologies is showing a classic Elliott Wave structure, and the recent price action suggests a high-probability bullish reversal. Here’s why:
Wave 4 Correction Completed: The stock has retraced between the 38.2% (₹1,899) and 61.8% (₹1,671) Fibonacci levels of Wave 3, which is a textbook correction zone for Wave 4.
ABC Pattern: The correction unfolded as an ABC pattern, with the (C) leg finding support in the golden fib zone.
Change of Character (CHoCH): Multiple CHoCH points on the chart indicate a shift from bearish to bullish sentiment, suggesting that sellers are exhausted and buyers are stepping in. 🟢
2. Key Levels & Trade Plan 📊
Current Price: ₹1,880
Support Zone: ₹1,899–₹1,671 (38.2%–61.8% retracement of Wave 3) 🟢
First Swing Target Zone: ₹2,487–₹2,658 🟢
Second Target Zone: ₹2,849–₹3,085 (113%–127% extension of last major swing) 🟢
Why these targets?
The first target zone aligns with the projected completion of Wave 5, based on previous impulse waves.
The second target zone is calculated using the 113%–127% Fibonacci extension of the last major swing, a common area for extended moves in strong trends.
3. Risk Management 🛡️
Entry: Accumulate near current levels or on dips into the support zone. 🟢
Stop Loss: Daily close below ₹1,670 (61.8% retracement) to protect capital. 🔴
Targets:
1️⃣ First Target: ₹2,487–₹2,658 🟢
2️⃣ Second Target: ₹2,849–₹3,085 🟢
4. Technical Summary & Cautions 🟠
The completion of Wave 4 correction sets the stage for a potential Wave 5 rally.
Bullish momentum is likely to pick up above ₹1,900, with strong upside potential towards the target zones.
Caution: If price closes below ₹1,670 on a daily basis, the bullish setup is invalidated and further downside is possible. 🟠
Watch for confirmation candles and volume spikes for added conviction! 📈
Conclusion:
ZEN Technologies is offering a high-probability swing setup after a healthy correction. The risk/reward is attractive for positional traders, provided stops are respected. The technicals suggest a new uptrend could be starting, with clear targets and a logical stop loss. 🟢
Like & Follow for more setups! 👍✨
#ZENTEC #ElliottWave #SwingTrade #TechnicalAnalysis #TradingView #Stocks #NSE #Fibonacci #Breakout #StockMarket 🚀
Elliott Wave Structure | Fibonacci Retracement | Swing Targets
1. Why This Setup? 🤔
ZEN Technologies is showing a classic Elliott Wave structure, and the recent price action suggests a high-probability bullish reversal. Here’s why:
Wave 4 Correction Completed: The stock has retraced between the 38.2% (₹1,899) and 61.8% (₹1,671) Fibonacci levels of Wave 3, which is a textbook correction zone for Wave 4.
ABC Pattern: The correction unfolded as an ABC pattern, with the (C) leg finding support in the golden fib zone.
Change of Character (CHoCH): Multiple CHoCH points on the chart indicate a shift from bearish to bullish sentiment, suggesting that sellers are exhausted and buyers are stepping in. 🟢
2. Key Levels & Trade Plan 📊
Current Price: ₹1,880
Support Zone: ₹1,899–₹1,671 (38.2%–61.8% retracement of Wave 3) 🟢
First Swing Target Zone: ₹2,487–₹2,658 🟢
Second Target Zone: ₹2,849–₹3,085 (113%–127% extension of last major swing) 🟢
Why these targets?
The first target zone aligns with the projected completion of Wave 5, based on previous impulse waves.
The second target zone is calculated using the 113%–127% Fibonacci extension of the last major swing, a common area for extended moves in strong trends.
3. Risk Management 🛡️
Entry: Accumulate near current levels or on dips into the support zone. 🟢
Stop Loss: Daily close below ₹1,670 (61.8% retracement) to protect capital. 🔴
Targets:
1️⃣ First Target: ₹2,487–₹2,658 🟢
2️⃣ Second Target: ₹2,849–₹3,085 🟢
4. Technical Summary & Cautions 🟠
The completion of Wave 4 correction sets the stage for a potential Wave 5 rally.
Bullish momentum is likely to pick up above ₹1,900, with strong upside potential towards the target zones.
Caution: If price closes below ₹1,670 on a daily basis, the bullish setup is invalidated and further downside is possible. 🟠
Watch for confirmation candles and volume spikes for added conviction! 📈
Conclusion:
ZEN Technologies is offering a high-probability swing setup after a healthy correction. The risk/reward is attractive for positional traders, provided stops are respected. The technicals suggest a new uptrend could be starting, with clear targets and a logical stop loss. 🟢
Like & Follow for more setups! 👍✨
#ZENTEC #ElliottWave #SwingTrade #TechnicalAnalysis #TradingView #Stocks #NSE #Fibonacci #Breakout #StockMarket 🚀
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.