📊TIMKEN INDIA LTD.
Overview:
The daily timeframe chart of TIMKEN INDIA LTD. highlights critical levels, trend lines, and potential price movements based on Elliott Wave Theory. 🚀 Let's explore:
Analysis and Insights:
Current Price Action:
Trading near ₹3,001.05, close to the bottom of the golden retracement zone.
A critical support level; monitor for bullish signals. 👀
Potential Scenarios:
Scenario 1: Price holds above the golden retracement zone → Target the first zone at ₹4,076.00–₹4,220.00. 🚀
Scenario 2: Break below current levels → Likely move towards the extended zone at ₹2,677.00–₹2,777.00. 🔽
Trading Strategy:
Long Positions: Above the golden retracement zone, aiming for the first target. 📈
Stop Loss: Place at ₹2,641.65 on a day close basis to manage risk. 🛑
Disclaimer: This is for educational purposes only. Always perform your analysis or consult a financial advisor before trading.
Overview:
The daily timeframe chart of TIMKEN INDIA LTD. highlights critical levels, trend lines, and potential price movements based on Elliott Wave Theory. 🚀 Let's explore:
- Key Levels and Zones:
- Wave A and Wave B:
Significant peak (Wave A) and trough (Wave B).
A downward trend line suggests a bearish phase. 📉 - Trend Line and Liquidity:
Trend line connects highs during the decline from Wave A to Wave B.
Watch the "Liquidity" zone near the trend line for resistance. ⚠️ - Change of Character (ChOCH):
"ChOCH" point indicates a possible market sentiment shift. 🔄 - Golden Retracement Zone:
Between ₹3,008.00 and ₹3,631.00 (Fibonacci levels).
This critical support zone demands attention for bullish signals. 🟢 - Wave C Completion Extended Zone:
Between ₹2,677.00 and ₹2,777.00.
A possible area for Wave C completion if price breaks lower. 🔻 - First Target Zone:
Between ₹4,076.00 and ₹4,220.00.
The initial upward target for a bullish move. 🎯 - Stop Loss (Day Close):
Set at ₹2,641.65 to manage risk. 🛑
Analysis and Insights:
Current Price Action:
Trading near ₹3,001.05, close to the bottom of the golden retracement zone.
A critical support level; monitor for bullish signals. 👀
Potential Scenarios:
Scenario 1: Price holds above the golden retracement zone → Target the first zone at ₹4,076.00–₹4,220.00. 🚀
Scenario 2: Break below current levels → Likely move towards the extended zone at ₹2,677.00–₹2,777.00. 🔽
Trading Strategy:
Long Positions: Above the golden retracement zone, aiming for the first target. 📈
Stop Loss: Place at ₹2,641.65 on a day close basis to manage risk. 🛑
Disclaimer: This is for educational purposes only. Always perform your analysis or consult a financial advisor before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.