this stock is trending downwards..
now the price is at support zone...
keep in short as long as price breaks this trendline...
if it failed to break the trendline it will continue its fall...
keep safe before short...
On bottom side we have a demand zone lies at 1900 levels...
look for buy ,if price comes back to the support.
on topside we have a strong resistance...
Price has reaced to a Monthly Supply @ 2665.00
It has to come into Monthly Demand @ 1944.00
After reacting to a Monthly Supply Price has formed a Weekly Supply which should drive the Price till the Monthly Demand
The Reward to Risk Ratio is slightly more than 3:1
Hence Short
Enjoy the Ride !!!
observations::
price is trading in a range and price broken down strongly....
price again reached the same zone...
now price is near to the resistance...
it is approaching the resistance again with strong consolidation...
which also a sign of bearishness...
on bottom side we have strong support...with demand zone...
As per my analysis, NSE:ADANIENT has given a pullback which could be best opportunity for buyer to go long. My best level to buy is 2384 with stop loss of 2270 (-114 points risk) capacity. Expecting upper side target of 2594 (+210). Almost 1:2 Risk/Reward.
Note. This is my personal analysis, only to learn stock market behavior. Thanks.
Observations::
Drop base drop is observed
now stock price @ base, but no sign of bearishness...
after showing bearish again consolidation...
may again goes bullish or reversal we have to wait for confirmation.
If base acts as resistance price again falls.
we have demand zone @ bottom price will test that zone but not immediately...slow process is going to observe....
