Let's look at the multi time frame analysis to get a better view of the trend of
GMRINFRA
.
Monthly timeframe - It had given multi year breakout and made a new 52 week high in 2021. It's been retracing with decreasing volume since then. It also looks like previous resistance is now acting as a support and based on the candlestick analysis it looks like it will hold.
Weekly timeframe - In weekly timeframe, retracement move has formed falling wedge pattern which indicates that sellers are losing control. The price made a breakout from falling wedge pattern with significant volume which indicates huge influx of buying pressure.
45 minutes timeframe - In 45 minutes timeframe another falling wedge pattern has been formed after price broke out from weekly wedge pattern. The price made a breakout from this falling wedge pattern with significant volume which indicates huge influx of buying pressure.
There are different ways of playing falling wedge pattern. You can either play breakout after price closes above the resistance line or you can wait for the pullback after the breakout and enter at a support zone after getting a reversal confirmation. The price target should be of the same length as of the back of the wedge.
Back of the falling wedge is highlighted with an ellipse. It terms of price, that is of a 15.20 points length. Target is set by adding the back length to the Wedge breakout level and it turns out to be around 51.
Let's see how it plays out.
GMRINFRA
. Monthly timeframe - It had given multi year breakout and made a new 52 week high in 2021. It's been retracing with decreasing volume since then. It also looks like previous resistance is now acting as a support and based on the candlestick analysis it looks like it will hold.
Weekly timeframe - In weekly timeframe, retracement move has formed falling wedge pattern which indicates that sellers are losing control. The price made a breakout from falling wedge pattern with significant volume which indicates huge influx of buying pressure.
45 minutes timeframe - In 45 minutes timeframe another falling wedge pattern has been formed after price broke out from weekly wedge pattern. The price made a breakout from this falling wedge pattern with significant volume which indicates huge influx of buying pressure.
There are different ways of playing falling wedge pattern. You can either play breakout after price closes above the resistance line or you can wait for the pullback after the breakout and enter at a support zone after getting a reversal confirmation. The price target should be of the same length as of the back of the wedge.
Back of the falling wedge is highlighted with an ellipse. It terms of price, that is of a 15.20 points length. Target is set by adding the back length to the Wedge breakout level and it turns out to be around 51.
Let's see how it plays out.