CYIENT - Wait and watch game now

1 בינו׳

Please refer to my previous analysis on CYIENT for a detailed understanding/review.

For now, Price is trading below 200 DEMA. A bounce/rebound attempt after the GAP filling has fizzled out and the price is trading lower.

I wouldn't consider any longs until and unless we successfully trade above the 200 DEMA.

As mentioned in my previous post, the rise was only 3 wave move, hence, one more low towards 1650-1600 was expected earlier on; and the current price move seem to be confirming the same.

Here are the daily and weekly charts with wave counts






Price is trading below the cloud on Daily and Weekly TF





Action plan:

The shorting Opportunity was very good at 2100 levels.. great risk reward.. On shorter TF, price seems to have done 5 wave impulse down. and is at 0.886% retracement level..

A bounce can't be ruled out.. Fresh shorts at this point looks risky.



From trading perspective, 1920-1950 is a good level to consider shorting with good RR

From investment perspective, 1600-1800 looks a good accumulation zone.

I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.