ARCHIDPLY : POISED FOR A BREAKOUT?ARCHIDPLY IND. LTD.: Poised for a Breakout? 🚀
Chart Description
The chart for ARCHIDPLY IND. LTD. on the NSE displays daily price movements with key technical levels and zones. The current price is ₹113.19 , reflecting an upward move of 2.50% . Annotations highlight important areas such as Wave C completion, deep retracement, liquidity buildup, target zones, and support zones.
Key Levels and Zones
Wave C Completion Zone (₹104-₹108):
This is marked as a potential completion area for corrective Wave C. Recent testing of this zone shows upward movement, indicating support.
Deep Retracement Zone (₹108.14-₹111.90):
Aligned with Fibonacci 113%-127% , this zone represents a significant retracement. A reversal from this level is possible.
Liquidity Buildup Zone:
Around the current price, this zone shows liquidity accumulation, suggesting potential for significant price movement.
First Target Zone (₹145-₹150):
Initial target for upward movement if the price breaks above the liquidity buildup zone.
Profit Booking Zone (₹149.30-₹156.33):
A higher target zone for profit booking after significant upward movement.
Support Zone (₹75-₹84):
The lower zone could be tested if the price breaks below the deep retracement zone.
Trading Plan
Entry Points:
Primary Entry: Enter long near the Wave C completion zone ( ₹104-₹108 ) if reversal signals appear.
Secondary Entry: Consider another entry near the deep retracement zone ( ₹108.14-₹111.90 ) if reversal signals confirm.
Stop Loss:
Set a stop loss at ₹99.79 to manage risk if the price breaks below the deep retracement zone.
Target Levels:
First Target: ₹145-₹150
Final Target: ₹149.30-₹156.33
Risk Management:
Monitor the liquidity buildup zone carefully. Exit if the price fails to break above this zone. Adjust stop loss and targets based on price action and market conditions.
Prediction
If the price holds above the deep retracement and liquidity buildup zones, expect upward movement toward the first target ( ₹145-₹150 ) and potentially the profit booking zone ( ₹149.30-₹156.33 ). A failure to sustain above these zones may result in testing the lower support zone ( ₹75-₹84 ).
Educational Insights
Wave Analysis: Wave C completion often signals the end of corrections in Elliott Wave Theory.
Fibonacci Retracement: Key retracement levels align with important support/resistance.
Liquidity Zones: Monitoring these zones can identify breakout/breakdown points.
Risk Management: Proper stop loss placement minimizes risk. Adjusting targets dynamically ensures better risk/reward.
Disclaimer: Trading involves risks. Conduct your own research or consult a financial advisor before making decisions. 📊✨
