Identify trending move with Elliott waveFeb 03, 2021
In current market environment there are stock specific action that can be witnessed. We can clearly see in below research how wave theory helped in capturing the move on the upside.
Below research is picked up from Daily Equity Report published on 2nd February 2021
ZEEL hourly chart:
Anticipated on 2nd February 2021 – ZEEL has given a strong breakout of the consolidation and now the stock is in uptrend. In the previous session the stock closed with a gain of 6.91%.
On the daily chart, Zeel closed above the high of its trading range near 235 which indicates that the stock is now trending on the upside. In the previous session the stock closed above the high of previous two days which indicates that as per the bar technique the short term bias is now bullish as long as we do not see a close below the prior day low.
As shown on the hourly chart, price has given a breakout out of a triangle like pattern which indicates that trend has turned bullish. Price has started moving in the form of wave (c) within wave g which can take price higher towards 260 levels .
In short, ZEEL seems to be bullish. Use dips as buying opportunity for a move towards 250 as long as 230 levels hold on the downside.
Happened: BANG ON! The stock performed as expected and the target was achieved on the next day itself with a gain of more than 4% seen in the stock.
The above clearly shows power of Elliott wave and how one can identify stocks basis of wave pattern. Get access to the Daily Equity Report over here
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