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NSE COALINDIA & INDHOTEL – Bearish Outlook

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EWT: NSE INDHOTEL Price Ready For Another Blast

Price Action Perspective:

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INDHOTEL is on the lower band of the parallel channel, and we have a pivot zone of 192.
If the price breaks down the pivot zone & parallel channel, we can expect a down move for 180 – 173+.
The invalidation point for subscribers is the high of the previous sessions.

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Elliott Wave Perspective:

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INDHOTEL has accomplished wave B of wave ((Y)) and marching for final wave C of wave ((Y)). Price has broken down wave A at 193, and it is a bearish signal. Wave C can occur at 100% Fibonacci extension at 177 (wave A = Wave B).

However, if the price breaks the level of 177, it may fall for the lower band of the main corrective channel.

Indicator study:
I have used moving averages for confirmation. Price has broken down the 50 MA & 100 MA. It is a bearish signal.

NSE Coal India Bearish Again Rejected At the Resistance

Coal India has failed to break SEP 2021 high. And it took a reversal from the level of 197.75. Here, selling pressure is increasing due to speculators. We may see the following targets on Monday’s trading session: 177 – 172 – 165.

Invalidation level has an important role here because that will change the direction of stock from downtrend to uptrend.

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Mr.Guru(s) is a team of stock market certified technical and research analysts with over 20 years of experience. They are regular guests on popular online channels and contribute articles to several financial publications. Their insights and advice are respected by investors worldwide. With their collective knowledge and expertise, they have a proven track record of successfully predicting market movements and identifying profitable opportunities.

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6 Comments

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