One of the important aspects is to know what the real trend of the market
is. Technical analysis provides you a clear view of market by studying the
charts. This allows us to know which strategy i.e sell on rise, breakout or buy
on dips; to apply for capturing the move.
Below is the chart showing detail analysis using Channeling technique
along with Elliott wave to capture the move in this range-bound market.
Adani Port 60
mins chart:(Anticipated as on 16th of November, 2018)
Adani Port 60
mins chart:(Happened as on 26th of November, 2018)
(Below is the
gist taken from equity report published under the name of “The Financial Waves
Short Term Update”)
Elliot Wave
analysis:
Anticipated: Adani ports post
witnessing a fall from 388 levels is showing some attempt for positive
recovery, while just like every other stock it moved within the range and
managed to break above the range yesterday. The stock managed to close the day
with a gain of nearly 4.30% and was also among the top gainers in the Nifty
Index. As shown on hourly chart, we are seeing complex corrective pattern under
formation within which wave b of (x) looks to have completed near 330 levels
but since prices are just breaking above the channel resistance it would be too
soon to confirm the same; hence a break above 350 would affirm that wave c has
started and prices could approach higher levels. In short, Adani ports looks
sideways to positive. A decisive break above 350 can take the prices towards
365 or higher levels while a move back into the range would keep wave b ongoing
that could result into sideways action! BANG ON!!
Happened: Prices moved as expected, giving a break above the important resistance
of 350 and move towards higher levels of 365.
The above analysis clearly shows how well this technique works. Get
access to our “The Financial Waves short term update” is daily equity
research report covering Nifty and 3 stocks providing detailed analysis using
Elliott wave and other technical analysis methods. Subscribe here
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