Channels are an amazing and most basic tool of technical analysis and just with the help of it one can trade accurately with high rewards and minimum risks.
Zeel has continued to exhibit volatile move. The stock witnessed reversal exactly from the channel resistance and collapsed. We were able to catch this reversal with the help of simple channeling technique combined with advance Elliott wave – Neo wave.
Below is the chart with detailed analysis published in our daily Equity report under the name “The Financial waves STU”:
Zeel 60 mins chart: (Anticipated as on 31st July, 2019)
Zeel 60 mins chart: (Happened as on 30th July, 2019)
(Below is the extract of the research published in the report)
Anticipated as on 31st July, 2019 : On the hourly chart the 65 periods EMA which acted as a good support is yet to be broken and hence the same would be required to confirm the beginning of a new leg on the downside. Move below 377 will confirm a negative reversal.
In short the trend for Zeel seems to be negative. Break below 377 can take the prices towards 360 or lower towards channel support. Immediate resistance is placed near 400 levels….
Happened as on 06th August 2019- Prices moved in sync with our expectations and witnessed a sharp fall. The fall was so sharp that prices broke below its channel support and rushed towards the low of 305 levels.
The above analysis clearly shows how well Elliott wave and simple techniques like channeling technique, moving averages can be combined together.
We also gave sell call on Zeel today in Intraday and the stock moved towards the target levels.
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