BULLISH INDICATOR (Sep 04)
1. Bullish HH and HLs trend is seen and next HL is expected with current price at 17.48.
2. The Heikin Ashi candles are showing a natural pull back in bearish direction but after testing the Fib level 31.8%, price-action is expected to turn in bullish direction.
3. There is a support at Fib level 31.8% @ 17.22, which is expected to play to allow bullish trend to proceed.
4. The bullish trendline is intact and third touch point will meet price action at Fib level 31.8% @ 17.22.
5. The price-action was in a CONSOLIDATION phase from June 2016 till Jan 2023. In 2023 the price-action has broken off in bullish direction from the rectangular box pattern.
6. No ABCD bearish harmonic pattern noticed.
7. The price-action is above 200 EMA, which is a good sign. If it crosses 200-EMA in downwards direction then we shall prepare to liquidate our positions.
BEARISH INDICATOR (Sep 04)
1. The recent bullish trend has not broken the pervious HH of Mar 1st 2023.
2. The Heikin Ashi candles are showing a natural pull back and next LH and LL could be seen but chances are less.
3. There is a bearish divergence noticed on daily timeframe, which needs to be watched.
PREDICTIONS
1. There are more bullish indications than the bearish indications.
2. The stock is available at a very good price with P/E @ 5.4. I will recommend waiting till price traced to 17.22 till Fib 31.8% level before buying.
3. There is a bearish divergence but if the price drops below 16.23 and crosses 200-EMA downwards then bearish reversal will be confirmed.
BIAS 1 = LONG - PLAN A (Pending Buy Limit @ 17.22 Market)
BIAS 2 = SHORT - PLAN B, (If you already hold FRO then plan to sell them when price crossed 14.43 downwards)
TRADE PLAN
———————
PLAN A: Long (Buy Limit)
EN1: 17.22 (Buy Limit)
SL1: 14.43
TP1: 17.24 - RR: 1.45
1. Bullish HH and HLs trend is seen and next HL is expected with current price at 17.48.
2. The Heikin Ashi candles are showing a natural pull back in bearish direction but after testing the Fib level 31.8%, price-action is expected to turn in bullish direction.
3. There is a support at Fib level 31.8% @ 17.22, which is expected to play to allow bullish trend to proceed.
4. The bullish trendline is intact and third touch point will meet price action at Fib level 31.8% @ 17.22.
5. The price-action was in a CONSOLIDATION phase from June 2016 till Jan 2023. In 2023 the price-action has broken off in bullish direction from the rectangular box pattern.
6. No ABCD bearish harmonic pattern noticed.
7. The price-action is above 200 EMA, which is a good sign. If it crosses 200-EMA in downwards direction then we shall prepare to liquidate our positions.
BEARISH INDICATOR (Sep 04)
1. The recent bullish trend has not broken the pervious HH of Mar 1st 2023.
2. The Heikin Ashi candles are showing a natural pull back and next LH and LL could be seen but chances are less.
3. There is a bearish divergence noticed on daily timeframe, which needs to be watched.
PREDICTIONS
1. There are more bullish indications than the bearish indications.
2. The stock is available at a very good price with P/E @ 5.4. I will recommend waiting till price traced to 17.22 till Fib 31.8% level before buying.
3. There is a bearish divergence but if the price drops below 16.23 and crosses 200-EMA downwards then bearish reversal will be confirmed.
BIAS 1 = LONG - PLAN A (Pending Buy Limit @ 17.22 Market)
BIAS 2 = SHORT - PLAN B, (If you already hold FRO then plan to sell them when price crossed 14.43 downwards)
TRADE PLAN
———————
PLAN A: Long (Buy Limit)
EN1: 17.22 (Buy Limit)
SL1: 14.43
TP1: 17.24 - RR: 1.45