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1. Price of 2576 is acting as major resistance since 29th April ‘22
a. On 21st July’23 there was a fake Break out (making the end of wave 3 on Daily Chart
b. On 27th Dec’23, price again broke the major resistance line of 2576.
c. The high of 26th Dec’23 could not be broken and price is moving sideways between highs of 2576 &2621
d. Divergence Observed: Price making Higher high & MACD making Lower high
Can again do a fake Breakout, if price moves below 2580 with volume (which can be considered as end of wave 5 and formation of double Top)
View Bearish
i. Entry : below 2570, Stop loss: 2600, Risk – Rs. 30-40
ii. Targets :
Unfilled gap acting as Support 2470 & 2440
High of high vol. candle 2400
Target 1 : 2470, T2 :2440,T3 :2400
rR Ratio: 1:2.5, 1:3.25, 1:4.25
1. Price of 2576 is acting as major resistance since 29th April ‘22
a. On 21st July’23 there was a fake Break out (making the end of wave 3 on Daily Chart
b. On 27th Dec’23, price again broke the major resistance line of 2576.
c. The high of 26th Dec’23 could not be broken and price is moving sideways between highs of 2576 &2621
d. Divergence Observed: Price making Higher high & MACD making Lower high
Can again do a fake Breakout, if price moves below 2580 with volume (which can be considered as end of wave 5 and formation of double Top)
View Bearish
i. Entry : below 2570, Stop loss: 2600, Risk – Rs. 30-40
ii. Targets :
Unfilled gap acting as Support 2470 & 2440
High of high vol. candle 2400
Target 1 : 2470, T2 :2440,T3 :2400
rR Ratio: 1:2.5, 1:3.25, 1:4.25