A Confluence of Cup & Fib - Adani Ports :)For any script - When a News, Fundamentals and Technicals meet - then there its bound to
The recent positive ruling from the Supreme Court on the side of Adani Group against Hindenburg Report has definitely boosted Investor morale on all counters of Adani
From a Fundamentals perspective Adani Ports is a Rock Solid script as it has global presence in Physical Real Estate of each port and is continually trying to scale up across the world.
From Technical point of view on Monthly Chart:
1) Price Broke out of Long Term Parallel Channel (since IPO)
2) Rounding Bottom / CUP pattern BO also done on Monthly
3) The Cup pattern bottom retracement was at Fib 0.786 level and hence the Cup Target 1390 is exactly meeting Fibonacci Extension Target of 1.272
Confluence of Cup & Fib - is a double confirmation of structure and now that Channel is also broken out positively, the additional Fib extn targets will also be met
Targets 1390, 1665, 2450
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