The corrective channel had been in place for more than eighteen months for NSE Granules. After two successive lower lows, the price has broken down the resistance at the third attempt. The demand exceeds the supply, and the price has made an equal low of 358.
We can see two excess at the upper band and four rejections at the lower band of the parallel channel. It indicates that sellers were aggressive when prices entered their territory.
Before the breakout, buyers had faced supply pressure, but sellers stopped the falling knife. The trend changed in this way.
Price has broken down the value area with strong candles and moving towards the recent lower high. As per expectation, the price may face resistance from the LH. Traders can initiate their position after retracement for the following targets: 352 – 372 – 394+.
I will update the swing setup for premium subscribers on our mobile application if we find a good opportunity without retracement.
Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips
Are you looking for NSE paid calls? Want to get premium trading alerts and unlimited access to Moneymunch? Join today and start potentially multiplying your net worth: Premium Stock & Nifty Tips
Premium features: daily updates, full access to the Moneymunch #1 Rank List, Equity Research Reports, Focus List portfolio of 50 longer-term stocks, Premium screens, and much more. You will quickly identify which stocks to buy, which to sell and target today΄s hottest industries.
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Great Setup identified as usual !!
I will surely try your premium service.