Timeframe: 4h
NSE AUBANK has undergone a corrective phase spanning 42 weeks, forming a discernible structure. With a price Average True Range (ATR) of 11.52, the ADX indicator reflects a robust rise to 32.7. Notably, the price maintains positions above the 20/50/100 Exponential Moving Averages (EMA) but faces resistance from the 200 EMA.
Having completed wave 5 within wave (c) at 553.7, the price has initiated an upward trajectory for a new cycle. Despite encountering formidable resistance at the 647 level, coupled with the 200 EMA, the price could experience a throwback near wave 4 of wave (c). Upon surpassing the 647 mark, traders may target subsequent levels at 670 – 696 – 742+.
Stay tuned for further updates.
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