According tenth Elliott Wave Theory Price forms a 5 Wave Sequence structure before the major Correction, here we see that we have Wave 1, 2, 3(strongest upmove), Wave 4(correction), are complete.
Currently Price has formed a Quarterly Demand which has its LegOut closed above the EMa which indicates a Strong Buying and Price hasn't violated any Supply which...
NSE:DMART about to breakout 4057 level.
We can see long term move above 4075 with SL of 3850 and can average till 3889.
Major targets levels are highlighted in blue lines.
With reference to the attached chart, you can easily identify that DMART is at a resistance level and close below that line yesterday. Now it looks like DMART will again tank towards Rs 3300 level for Support level testing. You can also take advantage of it with the following levels:
Entry Below: Rs 3580
Target: Rs 3350
StopLoss: Rs 3670
Note: Please consult...
DMART is looking good for intraday as well as for swing trade with a holding period of max 1 week
for intraday buy above 3445-48, SL - 3420 , TG1 - 3474, TG2 - 3507, TG3 - 3535
and for SWING trade buy above 3445 and can see levels of 3632 with sl of 3415
Dmart retracing from trendline
Making Morning star
candle stick pattern daily time frame
breaking out triangle
taking support RSI 40
taken daily time frame previous swing high support
All the key levels are mentioned in chart
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing
i don't why people are making technical analysis very complicated. you only need horizontal line and trend line and most importantly observation. in this kind of situation there are very few industry are doing well like retail industry.
