Adani Enterprises is at major support.
Updated
The most infamous stock in the Indian stock market in recent times- Adani Enterprises, has reached a very crucial support area and is probably attempting a bounce from here.
The chart is based on very simple concepts of Support/Resistance, Horizontal consolidation areas(HCR's) and trend lines. Nothing too complicated here, the entry too is pretty straight forward.
For a short term trade ,enter on trend line break confirmation and aim the HCR lower boundary for target.
The low at 2142 is crucial reversal point as of now and will act as a SL.
One important thing to note in this chart is the lack of volume confirmation for the past 2 months fall. What does a fall without volume confirmation mean? Is it bullish or bearish?
keep an eye on the stock and you will find for yourselves(:P).
CMP 2196
SL 2140
Target 1 - 2370
Target 2 - 2600
The chart is based on very simple concepts of Support/Resistance, Horizontal consolidation areas(HCR's) and trend lines. Nothing too complicated here, the entry too is pretty straight forward.
For a short term trade ,enter on trend line break confirmation and aim the HCR lower boundary for target.
The low at 2142 is crucial reversal point as of now and will act as a SL.
One important thing to note in this chart is the lack of volume confirmation for the past 2 months fall. What does a fall without volume confirmation mean? Is it bullish or bearish?
keep an eye on the stock and you will find for yourselves(:P).
CMP 2196
SL 2140
Target 1 - 2370
Target 2 - 2600
Note
sl trailed to 2164Note
broke the trend line with a jump in volume...breakout successful..2200 now a major supportNote
sl trailed to 2204Note
target 1 of 2370 achievedNote
Target 2 of 2600 achievedTrade closed: target reached
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