Trade Idea on Ambuja Cement with Price action notes
In the above chart, the price action goes like this.
1) 50-60% Fibo retracement zone - Stock after a substantial fall getting lots and lots of demand from this zone
2) Its fibo retracement - Used from a swing low to swing High
3) Its called a counter trendline - stock currently getting demand on the extended CT, as a result of breakout and bigger time frame retest
4) It's called a trendline, made from a swing low point to another swing low, extended forward, giving a demand zone
5) Its called a Confluence zone, Candlestick pattern is bullish pressure, lower wick multiple rejection on W time frame and cluster of many other demand areas
6) 3 Yellow lines are potential Target zones from CMP.
1) 50-60% Fibo retracement zone - Stock after a substantial fall getting lots and lots of demand from this zone
2) Its fibo retracement - Used from a swing low to swing High
3) Its called a counter trendline - stock currently getting demand on the extended CT, as a result of breakout and bigger time frame retest
4) It's called a trendline, made from a swing low point to another swing low, extended forward, giving a demand zone
5) Its called a Confluence zone, Candlestick pattern is bullish pressure, lower wick multiple rejection on W time frame and cluster of many other demand areas
6) 3 Yellow lines are potential Target zones from CMP.
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