Timeframe: Daily
Since the end of January, NSE INDHOTEL has entered into a noticeable upward trend. Currently, prices are trading above the 20, 50, 100, and 200 exponential moving average levels. Traders have observed a significant value area that goes back 9 weeks. This value area is playing a role in supporting and resisting prices, creating a balance between buyers and sellers.
INDHOTEL completed an impulsive wave (3) at 406 and has since initiated a corrective phase, leading to a decline. The retracement of wave 4 corresponds to 38.2% of wave 3. The structure of wave 4 is a double zigzag. Traders can consider the following targets: 402 – 415 – 424. Note that the setup will be invalid after the breakdown of the close below wave (Y).
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