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Saturday, 4 June 2016

ADANI PORT & SEZ Multiframe Technical Study - June 2016


Monthly Chart - 

* Price Slide down after breakdown and making new high in 2015
* Currently Price tested the previous breakout level and support zone
* Support zone is between 100 - 170 level
* As per Elliott wave, Previous complete upmove is Zigzag pattern of ABC wave of B wave of higher timeframe.
* Currently Down move is in C wave of higher timeframe.
* RSI is showing type2 positive Divergence after Hidden PD....
* Also Monthly RSI testing the 40 level of 80-40 bullish range.



Weekly Chart - 


* After Making Low of 180.55, Price showing some strength and inching Northward slightly since 2 weeks.
* Any fall will be buying opportunity for the target of 250 in coming 2 months.



Daily Chart - 



* As per above weekly chart, We are Flat correction pattern as ABC, but as per Neowave, price is not fulfilled the reversal condition and Hence this could be the part of previous downmove correction.
* Further Price movement will confirm the reversal Pattern





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