SR Transport has been trading in an overlapping manner since the month of October 2018 & within the broader range of 1297-1030 levels. At such times it is best to use buy near support and sell near resistance to trade in the respective direction. It recently witnessed a bounce from its support and also the counts were exactly in sync with the move.
Below is the chart with detailed analysis published in our report named- “The Financial Waves STU”
Shriram Transport Finance: 60 mins chart: (Anticipated as on 27st May, 2019)
Shriram Transport Finance 60 mins chart: (Happened as on 31st May, 2019)
(Below is the extract taken from our daily equity research report)
Anticipated as on 27thMay, 2019: On the hourly chart the prices appears to have completed wave g on the downside near the low of 980. A break above 1150 will confirm the completion of wave g and the upward movement will be seen in the form of wave x. A move up to 1250-1275 can be expected post a break above 1150 , as far as 1135 remains intact on the lower side.
In short, the trend for SRT is positive and break above 1150 will continue the trend towards 1200 as far as 1000 levels is not breached on the lower side.
Happened as on 31st May, 2019- Prices moved exactly as expected and post hitting the target of 1200 levels moved further upwards to make a high near 1217.95 levels.
The above analysis clearly shows how well simple techniques like Channels, Fibonacci retracement, etc helps in capturing such amazing move. To capture such moves on daily basis Get access to our “The Financial Waves short term update” providing detailed analysis using Elliott wave and other technical analysis methods. Get access here