Container Corporation of India Ltd (ticker: CONCOR) ForecastThe chart provided is a 4-hour candlestick chart for Container Corporation of India Ltd (ticker: CONCOR) on the National Stock Exchange (NSE). Here’s a detailed analysis and summary of the chart:
Timeframe and Data:
- Timeframe: 4-hour
- Data Range: From early February 2024 to mid-June 2024
Price Analysis:
- Current Price: ₹1,102.00
- Price Movement: The stock has been in an uptrend since mid-March 2024. The chart shows a series of higher highs and higher lows, indicating an uptrend.
Technical Patterns and Indicators:
- Elliott Wave Analysis:
- The chart appears to be annotated with Elliott Wave counts.
- Wave (1): The first upward wave starting from the mid-March low.
- Wave (2): A corrective wave that retraced some of the gains of Wave (1).
- Wave (3): A strong upward wave that broke the previous high set by Wave (1).
- Wave (4): A corrective wave following Wave (3), not reaching the low of Wave (2).
- Wave (5): The final upward wave, which is currently forming.
- Rising Wedge Pattern:
- The price action appears to be forming a rising wedge pattern, with the upper trendline connecting the highs and the lower trendline connecting the lows.
- Upper Trendline Resistance: Around ₹1,125.00 to ₹1,130.00
- Lower Trendline Support: Around ₹1,065.00 to ₹1,075.00
Key Levels:
- Resistance Levels:
- Immediate resistance at the upper trendline of the rising wedge, approximately around ₹1,125.00 to ₹1,130.00.
- Psychological resistance at ₹1,150.00.
- Support Levels:
- Immediate support at the lower trendline of the rising wedge, around ₹1,065.00 to ₹1,075.00.
- Further support at previous swing lows near ₹1,020.00 and ₹990.00.
Trade Setup:
- Bullish Scenario: If the price breaks above the upper trendline of the rising wedge and sustains above this level, it could indicate further upside potential. The next resistance levels to watch would be ₹1,150.00 and beyond.
- Bearish Scenario: If the price breaks below the lower trendline of the rising wedge, it could signal a potential reversal or deeper correction. The next support levels to watch would be around ₹1,020.00 and ₹990.00.
Conclusion:
The chart for Container Corporation of India Ltd shows the stock in an uptrend, forming an Elliott Wave pattern and a rising wedge. The key levels to watch include the resistance at the upper trendline of the wedge around ₹1,125.00 to ₹1,130.00 and the support at the lower trendline around ₹1,065.00 to ₹1,075.00. A breakout above the upper trendline could suggest further upside, while a breakdown below the lower trendline could indicate a potential reversal or correction. Traders should look for confirmed breakouts in either direction to make informed trading decisions.
