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Adani Port Double Bottom Pattern Formation

  • Madan Gopal
  • Nov 29, 2017
  • 1 min read

Adani Port has corrected nearly 10% from its top forming a double bottom pattern at the support of its long term support trend line and 100 day moving average. I personally like to use 100 days moving average, as indicated by black line on the chart to determine whether or not I go for long or short on a stock. When prices are above the moving average it act as a support, and when prices are below, it acts as resistance. On current chart 100 day moving average is acting like a support to the stock. I am expecting a decent up move in the price of the stock for the level of 416 and further move up to the 440. RSI showing a (+)ve divergence that is suggesting up move in the stock. I would like to place Stop Loss slightly below the 100 day moving average 390.

 
 
 

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