JPPOWER Wait for Bulls & Trend Reversal
The idea here is about Jai Prakash Power Ventures:
Jai prakash Power Ventures Ltd. engages in the generation of power. It operates through the following segments: Power and Transmission, Coal, and Other. The Power and Transmission segment includes generation, sale, and transmission of power. The Coal segment refers to the coal mining for captive use in energy generation. The Other segment consists of cement grinding.
My view is short term bearish & long term Bullish for the below observed technical factors.
Points as per TA on a Monthly, Weekly & daily Chart:
1. Contracting or symmetrical triangle formation observed with ABCD completed and expected move towards E on Elliott’s triangle pattern on a weekly chart as per below:
2. Cup & Handle formation observed on a Monthly chart & under ranging market at the time of publishing as per below:
3. Bearish Anti Butterfly Harmonic pattern completed swing target 2: A Swing = 6.45 which is also contracting or symmetrical triangle support zone as per below:
4. Bullish Gartley Harmonic Pattern CD leg in progress, min & max XD distance on Fib is 0.786 for Gartley which is 6.30. Which is also approx to contracting or symmetrical triangle support zone & Target 2 on Bearish Anti Butterfly Harmonic Pattern as per below:
5. Possible Inverse Head & Shoulder Pattern observed & price to be rejected @ 8.50 due to resistance zone & Bearish Anti Butterfly B point on a weekly chart as per below :
6. Elliott’s Bullish triangle ABCD points completed and Price direction towards E point on a weekly chart as per below:
7. Possible Head & Shoulder pattern observed on daily chart with support zone @ 6.75 as per below:
8. Trading way above 20 & 200 EMA on a weekly chart & 20 EMA cross over expected soon.
9. Trading above 200 EMA & 20 EMA Support on weekly chart.
10. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily & weekly is strong uptrend & monthly chart is consolidating at the time of publishing.
11. RSI is at 54.17 on a weekly Chart and 49.44 on daily chart at the time of publishing.
12. MACD above signal line on weekly & daily chart, However it is converging towards signal line on weekly chart.
13. Hull Moving average on daily is a sell and other moving averages on weekly & monthly chart is a strong buy.
14. ADX ( Average directional index ) trend strength is at 23.43 on a weekly & 11.70 on daily chart, which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend).
Projected Target with %: Wait for bulls to take over once the price hits 6.60 to 6.45 and enter long since the Risk to Reward looks damn good(Final % provided in chart), since the Earnings report which was on 22nd Oct 2022, looks good this week will give more clarity on Entry points,
Stop Loss: Entry only once we have confirmation for long.
Note: Any dip can be considered as accumulation.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
Jai prakash Power Ventures Ltd. engages in the generation of power. It operates through the following segments: Power and Transmission, Coal, and Other. The Power and Transmission segment includes generation, sale, and transmission of power. The Coal segment refers to the coal mining for captive use in energy generation. The Other segment consists of cement grinding.
My view is short term bearish & long term Bullish for the below observed technical factors.
Points as per TA on a Monthly, Weekly & daily Chart:
1. Contracting or symmetrical triangle formation observed with ABCD completed and expected move towards E on Elliott’s triangle pattern on a weekly chart as per below:
2. Cup & Handle formation observed on a Monthly chart & under ranging market at the time of publishing as per below:
3. Bearish Anti Butterfly Harmonic pattern completed swing target 2: A Swing = 6.45 which is also contracting or symmetrical triangle support zone as per below:
4. Bullish Gartley Harmonic Pattern CD leg in progress, min & max XD distance on Fib is 0.786 for Gartley which is 6.30. Which is also approx to contracting or symmetrical triangle support zone & Target 2 on Bearish Anti Butterfly Harmonic Pattern as per below:
5. Possible Inverse Head & Shoulder Pattern observed & price to be rejected @ 8.50 due to resistance zone & Bearish Anti Butterfly B point on a weekly chart as per below :
6. Elliott’s Bullish triangle ABCD points completed and Price direction towards E point on a weekly chart as per below:
7. Possible Head & Shoulder pattern observed on daily chart with support zone @ 6.75 as per below:
8. Trading way above 20 & 200 EMA on a weekly chart & 20 EMA cross over expected soon.
9. Trading above 200 EMA & 20 EMA Support on weekly chart.
10. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily & weekly is strong uptrend & monthly chart is consolidating at the time of publishing.
11. RSI is at 54.17 on a weekly Chart and 49.44 on daily chart at the time of publishing.
12. MACD above signal line on weekly & daily chart, However it is converging towards signal line on weekly chart.
13. Hull Moving average on daily is a sell and other moving averages on weekly & monthly chart is a strong buy.
14. ADX ( Average directional index ) trend strength is at 23.43 on a weekly & 11.70 on daily chart, which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend).
Projected Target with %: Wait for bulls to take over once the price hits 6.60 to 6.45 and enter long since the Risk to Reward looks damn good(Final % provided in chart), since the Earnings report which was on 22nd Oct 2022, looks good this week will give more clarity on Entry points,
Stop Loss: Entry only once we have confirmation for long.
Note: Any dip can be considered as accumulation.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
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