It is clearly noticeable that Exide Ltd. has changed character from bullish to Bearish and the order flow of this stock is also now bearish.
The price has retraced back to 70-80% Discount area as ascertained from Fibonacci tool and coupled with a strong order block which initiated the previous downfall leaving behind a huge impulse, it gives us further confirmation for the short side bias.
Price has approached the order block and is facing resistance also from the trendline above (marked in yellow).
I will take the leg of the previous downfall and ascertain my next target as shown in the figure.
The price has retraced back to 70-80% Discount area as ascertained from Fibonacci tool and coupled with a strong order block which initiated the previous downfall leaving behind a huge impulse, it gives us further confirmation for the short side bias.
Price has approached the order block and is facing resistance also from the trendline above (marked in yellow).
I will take the leg of the previous downfall and ascertain my next target as shown in the figure.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.