ADANIPORTS- MOVING IN ASCENDING WEDGE? IMPORTANT LEVELS!
- The bulls have been pushing up the price higher and higher since the drop in March.
- Currently, the price is moving in an ascending wedge, which may break downwards. Hence, expecting a drop towards the bottom of the channel.
- Also, the previous Swing Highs have not been retested. Hence, there is a possibility of a drop towards the 360-375.
- RSI is already in the overbought territory. Don't think the buying momentum will sustain.
- There has been a decrease in the volume recently, which is also a bearish sign.
- All in all, I am expecting a drop towards the bottom of the channel.
- If the trendline does not support the price, then I will look out if the wedge breaks down or not. If it breaks down, then I will look at the 330-345 and further 300-315 regions.
- On the upper side, if the trendline is able to hold, then it may come will 400 region and then shoot from there.
*Everything is marked on the chart- Swing points, trend lines can be used for trading along with some momentum indicators.*
Try to look out for a confluence of these parameters, don't trade solely using any one of these parameters.
P.S: This is NOT investment advice. This char is meant for learning purposes only. This is my personal journal. Invest your capital at your own risk.
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
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