After making a high of 130.95, NSE PRECWIRE has started forming correction. Wave C extended 161.8% of wave A. RSI of the price is above 65, and the stock is trading above 200 EMA.
The price has been trading above the average volume line for more last two trading sessions. The volume has confirmed the trend. Recently, the rally tried to break down the supply level of 96.90, but the price couldn’t break out the corrective structure.
PRECWIRE has formed inverted hammers & cups and handles pattern daily timeframe chart, But the price has to commit to the movement before we commit to the price. If the price breaks out and sustains above 96.90, traders can trade for the following targets: 100.2 – 116.65 – 126.6+.
Additionally, this level is crucial to confirm future wave projection because a new trend can only begin after wave B/2/X breaks. Failure may set a bearish momentum and lead to the following targets: 90.70 – 86.55 – 81.65.
I will update further information soon.
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Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Thank you for sharing this chart. You have good grip in stock research. Can you analyse nifty on short term basis?
Sir nifty exactly same chal rahi he jaise apne projection kiya he. eagerly waiting for your next update.
very well this is brilliant
Goodjob, It can fire after breakout of resistance.
It’s a good idea, but we still have to wait for confirmation, so we shouldn’t go in now.