How to use Price Action with Indicators for analysing stocks

dlink india ichimoku cloud stock Oct 21, 2022
Trading, Stocks, Stock Market

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Simple strategies like price patterns can be combined with Ichimoku Cloud to achieve powerful results. Check out how we selected DLINKINDIA which has rallied more than 8% within 2 days of time

Ichimoku cloud - The Ichimoku Cloud is a technical tool that indicate the support and resistance, identifies trend direction, gauges momentum and provides trading signals.

We published the following research on DLINKINDIA pre-market on 20th October 2022 in "The Financial Waves Short Term Update” which our subscribers receive pre-market every day.

DLINKINDIA Daily chart as on 20th October 2022 (Anticipated)

DLINKINDIA Daily chart as on 21st October 2022 (Happened)

Wave analysis as published on 20th October 2022

On the daily chart, in the previous session prices formed a bullish candle. An close above 204 will confirms breakout of the rounding bottom pattern. Price has recently bounced from the ichimoku cloud which can act as near-term support zone.

In short, trend for this stock is positive. Use dips towards 193-196 as buying opportunity for a move towards 215-220 levels as long as 187 holds on the downside.

Happened: Stock moved precisely as expected. The price took support from the conversion line (Blue) of Ichimoku cloud and continued to move higher. The stock has gained more than 8% from the dip levels and made high near 209 levels within just 2 trading sessions.

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