TEXRAIL : What is after Sharp Decline?
TEXRAIL: Elliott Wave Analysis - Weekly Chart
Source: LiveTradingBox | Chart Date: March 18, 2023
Overview
Texmaco Rail & Engineering Ltd. (TEXRAIL) rallied from 60 INR (early 2023) to 280 INR (mid-2024), a 366% gain , but has corrected to 124.27 INR. Using Elliott Wave and Fibonacci, this analysis projects the next moves.
Elliott Wave Outlook
Wave (A) : Decline from 280 INR to 124 INR (complete).
Wave (B) : Counter-trend rally expected to 162–173 INR ("First Wave C completion zone").
Wave (C) : Final decline projected to 120–128 INR ("Correction Wave C completion zone").
Key Levels
Resistance : 162–173 INR (Wave (B) target).
Support : 120–128 INR (Wave (C) target); 100.74 INR (stop loss on weekly close).
Fibonacci : 162–173 INR aligns with 23.6%–38.2% retracement of Wave (A); 120–128 INR matches 113%–127% extension.
Price Action & Volume
Stock consolidating near 124 INR with smaller candlesticks, indicating indecision.
Volume decreasing, suggesting a potential reversal or continuation.
Trading Strategy
Bullish (Wave (B)):
Buy on confirmation above 128 INR.
Target: 162–173 INR .
Stop Loss: Below 100.74 INR (weekly close).
R:R ≈ 1.63:1 .
Bearish (Wave (C)):
Short below 120 INR.
Target: 100.74 INR .
Stop: Above 128 INR.
Conclusion
TEXRAIL is in a corrective ABC pattern. Expect a Wave (B) rally to 162–173 INR , followed by a Wave (C) decline to 120–128 INR . A weekly close below 100.74 INR turns the outlook bearish. Monitor price action and manage risk.
Disclaimer : For educational purposes only. Trading involves risks; do your own research.
