Hi all, hope you are trading well. Itโs been a long time since I last posted. Apologies for that. ๐
With all the buzz floating around Adani and let's see the charts from a technical perspective using supply demand, market structure, and basic S/R. Please note that I am not a fundamental analyst and hence not concerned with the underlying working structure of the company.
We are going to see all the Adani companies along with the custom simple weighted chart of the Adani group.
- Plenty of demand zones on the downside - Internal structure has shifted - Structural low is still intact - HTF structure is bullish
๐จ Adani simple weighted index (including AWL)
- Less data due to AWL - Structural low is intact - Approaching demand zone - HTF is bullish
๐จ Adani Enterprises
- Former daily demand zone should now act as a supply - Weekly demand zone at ~2000-2400 - Reaction from the demand zone will show the intent of long-term buyers
๐จ Adani Ports
- Distribution cycle complete - Range low will act as a supply - Tapped into the weekly demand zone - Need to wait for the structure to develop on the daily time frame - Flip zone at 400-430
๐จ Adani Green
- Strong supply formed near 1800-2100 - Approaching weekly demand zone - Monthly demand zone at 900-1050
๐จ Adani Power
- Sitting in the weekly demand zone but most likely it will breakdown - Previous swing level near 166 can also act as support - Next important demand zone at 110-140
๐จ Adani Transmission
- Structural low intact - Tapped into the weekly demand zone - Important flip zone near 1460-1650
๐จ Adani Total Gas
- Forming Wyckoff distribution schematic on daily - Most likely it will approach the weekly demand zone soon - Flip zone near 1460-1700
๐จ Adani Wilmar
- Hovering near daily demand zone + swing level - Any lower move can trigger a sell-off to the weekly demand zone
Thanks for reading. I hope you found this helpful! ๐
Disclaimer:This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Happy learning. Cheers! Rajat Kumar Singh (@johntradingwick) Community Manager (India), TradingView
ืืขืจื
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Disclaimer: I forgot to add this in the main post.
I do not own any Adani stocks. Hence, I don't care where the price goes. My analysis is solely based on the technical concepts that I use.
When the move is news or event based, technical analysis levels mostly will fail... As the price is not being traded which normal support/resistance levels are based on, it's the sentiment, so will see irrational breaks on both sides.
rahulrajannair
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Then why didn't daily and weekly support levels hold.... The levels and price action analysis assumes. Technical or price chart analysis works, am not denying it. But the levels fails if the move is majorly news/event driven...
biswajitdash11
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hey how do you get that simple weighted index?
subhamjain333
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@biswajitdash11 itโs like (NSE:ABC + NSE:DEF + NSE:GHI) / NSE:NIFTY