Observing the range in Adani Ports
Hi Readers,
The time-frame chosen for this analysis is weekly because it erases a lot of noise from the chart and helps us understand the structure and the sensitivity of the patterns better.
The candles have been neutralised as well to help us analyse the script better as it equates everything to a single unit.
The script AdaniPorts has been inside a range for 1.5 Years and seems to be inside the same range for few more weeks before finding its trajectory. But what's more interesting is there seems to be another mini range inside the big range (Volatility and High volumes generally tend to make the stock range bound). There is a lot of Accumulation and Distribution which happens within the range. In simpler words the money moves from the one hand to another over a long period of time and either breakout or breakdown.
In the case of Adani Ports, there has been an attempt made to breakout in the week of 12th Sept which was captured by the bears within next week which indicates they have a strong hand within the range and bulls are finding it hard to break it through the middle trendline(MT) as well. Currently, we are resting on the MT and a move downwards could take us to the Bottom Trendline(BT).
Any move upwards should be witnessed cautiously as the probability of bears trapping the bulls could be high. We will get a good confirmation on either sides for a genuine breakout/breakdown.
For now the stock is added to our observatory list for further analysis.
The time-frame chosen for this analysis is weekly because it erases a lot of noise from the chart and helps us understand the structure and the sensitivity of the patterns better.
The candles have been neutralised as well to help us analyse the script better as it equates everything to a single unit.
The script AdaniPorts has been inside a range for 1.5 Years and seems to be inside the same range for few more weeks before finding its trajectory. But what's more interesting is there seems to be another mini range inside the big range (Volatility and High volumes generally tend to make the stock range bound). There is a lot of Accumulation and Distribution which happens within the range. In simpler words the money moves from the one hand to another over a long period of time and either breakout or breakdown.
In the case of Adani Ports, there has been an attempt made to breakout in the week of 12th Sept which was captured by the bears within next week which indicates they have a strong hand within the range and bulls are finding it hard to break it through the middle trendline(MT) as well. Currently, we are resting on the MT and a move downwards could take us to the Bottom Trendline(BT).
Any move upwards should be witnessed cautiously as the probability of bears trapping the bulls could be high. We will get a good confirmation on either sides for a genuine breakout/breakdown.
For now the stock is added to our observatory list for further analysis.
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