NSE GLAND: A Critical Resistance Zone That Could Shift the Trend
Timeframe: Daily
In NSE GLAND, the price has respected the channel in three distinct moves, indicating a potential 3-wave correction setup. Currently, it is trading below the 50 and 100 EMA, with ATR at 55.96 and ADX at 42.07.
After reaching a high of 2220, the price declined and formed a corrective structure. Wave (A) completed at 1585.7, followed by wave (B) at 1964. Presently, wave 4 of wave (C) is in formation. The 1545-1585 zone serves as a strong resistance, where a decisive breakout could shift the trend. However, the price still needs to reach 1328 to complete a 100% extension of wave A, making wave C = wave A at 1328. A strong throw-under could enhance the probability of revisiting levels near wave (B).
We will update further information soon.
In NSE GLAND, the price has respected the channel in three distinct moves, indicating a potential 3-wave correction setup. Currently, it is trading below the 50 and 100 EMA, with ATR at 55.96 and ADX at 42.07.
After reaching a high of 2220, the price declined and formed a corrective structure. Wave (A) completed at 1585.7, followed by wave (B) at 1964. Presently, wave 4 of wave (C) is in formation. The 1545-1585 zone serves as a strong resistance, where a decisive breakout could shift the trend. However, the price still needs to reach 1328 to complete a 100% extension of wave A, making wave C = wave A at 1328. A strong throw-under could enhance the probability of revisiting levels near wave (B).
We will update further information soon.
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