Adani Port has been forming in the corrective channel for more than 14 months. Adani port has given 18 touches to the control line. The lower band proved it as a strong demand zone.
Currently, the price is at the control line of the parallel channel.
If the price breaks the control line, traders can long for the following targets: .
However, Adani Port has reached nearly 200 EMA. It indicates that if the price fails to break the control line, it can fall for the following targets: .
Please note that 200 EMA indicates strong resistance to the price. But after the breakout, it acts as support.
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