After making a high of 4236, Adani Transmission started forming wave (A) of correction, which occurred at 2998. There is a contracting triangle in wave (B), and the price retraced 38.2% of wave (A), indicating that supply pressure is powerful.
Price has broken down triangle and 200 MA with a strong bearish candle. It is moving towards crucial support at 3046, and if it sustains below this level, we can expect good bearish moves to the following targets: 2980 – 2890 – 2820.
On the other hand, traders must confirm that the breakout of the channel will start the prior trend to move higher.
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that,s a good suggestion, Sir
I’m impressed by your serious work with historic facts!
Excellent chart, we like it!! Thanks for sharing!
Agree with your analysis
seems logical see what’s next