BhavirThakkar
Long

Long term bottom in CAIRN

NSE_EOD:CAIRN   CAIRN INDIA INR10
53 11 2
Details on chart. But wave 5 of long term wave C is over with classic bearish news flow.
Good analysis, Yes I was tracking Cairn for some time now. Had the same findings...but ...
1) For Cairn to get the first Impulse wave, it must get support from Nifty, which is in a strong downtrend now...Cairn cannot be expected to bounce in a strong bearish nifty
2) The last candle is a bearish engulfing...which is a risky proposition for taking a long position immediately..

On the other hand, since the price in the last session went to 202 and got strong rejected, shows 200-202 is a strong support. However, I expect Cairn to go down to 202-202 slowly and then with Nifty turning around, it should then go up in its first Impulse wave..
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BhavirThakkar PredictNifty
2 years ago
Do not forget that the stock kept on going down while nifty kept making new highs.
I am not going to question the reverse .. why can't it make new highs when nifty makes lows?

I am not expecting Cairn to go up or down, just following price action. I don't know if goes down to test 200 again or not - but current price action tells me it will not revisit 200
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PredictNifty PRO BhavirThakkar
2 years ago
Certainly by the looks of things, Nifty is continuing its downtrend and Cairn is following Nifty's footsteps (as I had predicted). 4.5 % down at 209.. Will test 202-200 soon in a bearish Nifty...
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BhavirThakkar PredictNifty
2 years ago
so far so good
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PredictNifty PRO BhavirThakkar
2 years ago
As predicted, Cairn is now staring at 200. Cairn went down along with a downtrending Nifty. The next few days will decide if it breaks 200, then the wave count will be proven wrong...and we have to count again from next impulse.
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PredictNifty PRO PredictNifty
2 years ago
Already touched 200!! Your prediction was wrong!!
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BhavirThakkar PredictNifty
2 years ago
Yes indeed. Your prediction came true. Waves are extending and time to recount sub divisions of wave 5.

There were subtle signs available though to a trader
snapshot


I am a price follower and not a predictor. For me it was good trade setup - well entered and well excited within pre-defined risk parameters.
Give me 10 such setups and I will take them all.
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BhavirThakkar BhavirThakkar
2 years ago
P.S.: Above link is of CAIRN May futures contract so prices may wary with spot.
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PredictNifty PRO BhavirThakkar
2 years ago
Today Cairn will gain at least 3%. Target 210. Just observe.. (Btw, I am always a predictor, never a price follower) :)
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AMBRISH
2 years ago
THANKS , I AM ALSO WATCHING CAIRN FOR LONG TERM INVESTMENT.
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AMBRISH AMBRISH
2 years ago
BHAVIR THAKUR n PREDICTNIFTY,
ALL THE BEST .
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