AFFLE: Descending Triangle 📉😲
Updated
Okay, This one was requested by sanketkumbhar88 :
Here is all you need to know about
AFFLE :
- Affle has been in a volatile 400-point range since 2021
- Currently, It is forming a Descending Triangle formation taking exact rejections from the resistance trendline
- We have a game zone to confuse investors
- The 1000 psychological mark doesn't seem to impact the price much. That happens when a price is tested multiple times in a consolidation zone.
- On a technical note, the Price will gain momentum only when the structure is broken.
- Once the bullish break of the triangle is achieved, We may either see a good move up to the resistance zone (Post which the then price action will decide what's what) or we may continue with the sideways momentum unless the resistance zone is broken.
- Liking the analysis? How about a Boost to help us reach many likeminded investors like you :)
- On the other hand, If we see a bearish breakdown, The next immediate support is about 15% lower i.e the 730 - 760 price levels
- The price is about to test the 200 EMA
- RSI Divergence on Daily TF adds to the negatives
- MACD recently made a bearish crossover, Another negative
- Being an IT Sector company, Connecting it to the Nifty IT:
https://www.tradingview.com/chart/CNXIT/jSHsn4ug-NIFTY-IT-Updated-Price-Action/
It is a wait and watch game for now.
What should we analyze next?
Have Requests, Questions, or Suggestions? DM us or comment below.👇
⚠️Disclaimer: We are not registered advisors. The views expressed here are merely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. Like everybody else, we too can be wrong at times ✌🏻
Here is all you need to know about
AFFLE :- Affle has been in a volatile 400-point range since 2021
- Currently, It is forming a Descending Triangle formation taking exact rejections from the resistance trendline
- We have a game zone to confuse investors
- The 1000 psychological mark doesn't seem to impact the price much. That happens when a price is tested multiple times in a consolidation zone.
- On a technical note, the Price will gain momentum only when the structure is broken.
- Once the bullish break of the triangle is achieved, We may either see a good move up to the resistance zone (Post which the then price action will decide what's what) or we may continue with the sideways momentum unless the resistance zone is broken.
- Liking the analysis? How about a Boost to help us reach many likeminded investors like you :)
- On the other hand, If we see a bearish breakdown, The next immediate support is about 15% lower i.e the 730 - 760 price levels
- The price is about to test the 200 EMA
- RSI Divergence on Daily TF adds to the negatives
- MACD recently made a bearish crossover, Another negative
- Being an IT Sector company, Connecting it to the Nifty IT:
https://www.tradingview.com/chart/CNXIT/jSHsn4ug-NIFTY-IT-Updated-Price-Action/
It is a wait and watch game for now.
What should we analyze next?
Have Requests, Questions, or Suggestions? DM us or comment below.👇
⚠️Disclaimer: We are not registered advisors. The views expressed here are merely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. Like everybody else, we too can be wrong at times ✌🏻
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Still in the rangeNote
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RETEST:Note
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