SRIPIPES - ON the verge of breakoutIf SRIPIPES able to break and sustain above the level of 234 then it can go upto 300 with little hurdle at 250.
Disclaimer - This is just for educational purpose and not a trading or investment advise.
Srikalahastipipespricetrendnalysis
The Last Puff from the pipes?Pitchfork idea-Price magnet and price failure theory...
The current price action showing a bullish reverse divergence at the 1.27fibo level and near the median line of the pitchfork
The next major spport is a little lower , the interesting thing is if the support is breached , then the divergence will disappear totally..which is the main power house of this idea, so the stoploss for the trade sud be below the support level
The upward target is the pivot region which also coincides witht he 0.382 level of the latest abc retracement..
witht he ulish divergence i see the price crossing the median line of the pitch fork towards the outer median lines..
which should be the target region intersection..
Through out the ascent i expect a lower slope of the ascent with ichimoku cloud resistance over head
Disclaimer... Not current investment, Planning entry for a positional trade only, Not an investment /Trading advice
In the hind sight, i feel a big downside is going to come after this short and weak rally (based on fundamental analysis)
