It has high Correlation to Crude and it should catch up with the fall in crude prices. It can also be seen that it reversed strongly from 500 DMA. Next support is after 15% fall. Risk reward is 4.84. It will be a free fall.
CAIRN - To Fall in the next 2-3 weeks 137
After a correction of 5 impulse waves, it is all set to get long in the trending channel to target 170. Comfortable Risk Reward
I have marked two possible situation according to my analysis which can take place in this price action. 1. completion of C-D leg of bearish gartley pattern in 3-4 weeks 2. Getting double bottom first before the price action goes to 180-185 levels. In both the situations our stoploss would be 118 and T1:152 Cheers
Cairn has one down leg till 118/114 from where it can turn around as a fresh impulse till 172/182
Cairn India Elliott wave analysis shows a clear ABC is completed on the weekly charts and the C has clear 5 wave impulse completed as well. The correction is underway, a is over, b is about to complete, we are trying to catch the bottom of the c wave up.
Prices have come down at discount for this stock in terms of fundamentals. In technical terms, the stock has completed A,B,C,D,E corrective waves, now it will have an impulse leg against its current move. I would estimate a target between 272-284 (61.8 retracement of current impulse leg move) to be achieved in 6-12 months. It is a great opportunity to accumulate...