ACC Ltd. - Daily Chart Analysis
The daily chart of ACC Ltd. is showing a critical zone around the 2,322.40 INR level, corresponding to the 0.5 Fibonacci retracement level of the previous major move. The price action is currently consolidating within this zone, suggesting a potential decision point for either a rebound or further decline.
Key Support Zone: 2,199.40 INR to 2,322.40 INR (between the 0.5 and 0.618 Fibonacci retracement levels)
Partial Profit Booking Zone: 2,514 INR
Target: 2,754 INR
Potential Upside: 2,843.40 INR (Upper Fibonacci extension)
Potential Downside: 2,199.40 INR (0.618 Fibonacci level) and further down to 1,801.35 INR (previous low)
Order Flow Insight: The recent order flow data indicates strong buying interest within the current consolidation zone, suggesting that bulls might be stepping in to defend the key support levels. This could enhance the probability of a bounce from this region.
If the price holds above the 2,322.40 INR level, we might see a rebound towards the partial profit booking zone at 2,514 INR, with a potential target near 2,754 INR. Further bullish momentum could push the price towards the upper resistance level near the previous high of 2,843.40 INR. However, if the support zone fails, the next strong support level is around 2,199.40 INR, with a potential further decline to 1,801.35 INR if bearish momentum continues.
This setup is crucial for both bulls and bears, as the price is at a significant level that could determine the next major move in ACC Ltd. The strong buying in the order flow adds to the bullish case in the short term.
Key Support Zone: 2,199.40 INR to 2,322.40 INR (between the 0.5 and 0.618 Fibonacci retracement levels)
Partial Profit Booking Zone: 2,514 INR
Target: 2,754 INR
Potential Upside: 2,843.40 INR (Upper Fibonacci extension)
Potential Downside: 2,199.40 INR (0.618 Fibonacci level) and further down to 1,801.35 INR (previous low)
Order Flow Insight: The recent order flow data indicates strong buying interest within the current consolidation zone, suggesting that bulls might be stepping in to defend the key support levels. This could enhance the probability of a bounce from this region.
If the price holds above the 2,322.40 INR level, we might see a rebound towards the partial profit booking zone at 2,514 INR, with a potential target near 2,754 INR. Further bullish momentum could push the price towards the upper resistance level near the previous high of 2,843.40 INR. However, if the support zone fails, the next strong support level is around 2,199.40 INR, with a potential further decline to 1,801.35 INR if bearish momentum continues.
This setup is crucial for both bulls and bears, as the price is at a significant level that could determine the next major move in ACC Ltd. The strong buying in the order flow adds to the bullish case in the short term.
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