TIMKEN : trading at a attractive level for long term📊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:
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.
