Timeframe: 4h
NSE GUJALKALI has been in a corrective phase from the low of 483.60. The ADX reading of 18.18 indicates a weak directional trend, while the ATR at 9.54 suggests moderate price fluctuations. With the price still trading below the 50, 100, and 200-day EMA bands, the overall sentiment remains bearish unless a strong upward breakout changes the momentum. Price is in the final stages of a corrective pattern, likely completing wave (Y) of a larger corrective sequence.
The price is expected to fall for the final Wave C of Wave (Y) in Wave ((B)) before the start of Primary Wave ((C)). Wave C can either end near the middle band or at the 0.786 Fibonacci retracement of Wave ((A)). If the 529 level is violated, the price could fall toward the 490–480 demand zone
Only Premium subscribers will have access to further information.
Unlock This Article