NSE BALRAMCHIN – Elliott Wave Suggests Bounce After Wave C
NSE BALRAMCHIN shows that the stock completed a strong up-move earlier and is now going through a correction. At the moment, the stock is trading below its 20, 50, 100, and 200 EMAs, which means the short-term trend is still down. The ADX (21.41) also indicates that the trend is not strong right now, and the market is more sideways. However, a falling wedge pattern is visible, and such patterns often end with a sharp upward reversal.
According to Elliott Wave theory, the 5-wave rally ended near 627.80, after which the price started falling in an A-B-C correction. Currently, the stock looks close to completing the last leg of this correction (wave C). The important support zone is between 514 and 500. If the price manages to stay above 514 and crosses back above 525, traders can go long for the following targets: 543 – 576 – 615 – 640+. On the other hand, if the stock slips below 485, the bullish setup will no longer be valid, and the trend could turn weaker, possibly leading to a major correction.
NSE CGCL – Trading Plan: Bullish Above 190, Bearish Below 184
NSE CGCL has been forming into the tight trading range of 190 – 183. The ATR of the price is 5.41, while the ADX is 19.81, which indicates that volatility is low and the trend strength is weak, suggesting a sideways or consolidating market. The price is trading above 20/50/100/200 EMA bands.
In this case, we have to let the market commit to us before we commit to the market. If the price breaks above 190, traders can aim for the following targets: 199 – 207 – 215+. The bearish scenario will be activated after a close below 184, which can lead the price up to 166.” Free subscribers can take the previous day’s low as invalidation.
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Keep an eye on 522. If the price holds above this level, it could spark fresh momentum buying. But if it slips below 486, it’s a signal to stay cautious.
seems recovery is starting?