TIMKEN : trading at a attractive level for long term

📊TIMKEN INDIA LTD.

Overview:
The daily timeframe chart of TIMKEN INDIA LTD. highlights critical levels, trend lines, and potential price movements based on Elliott Wave Theory. 🚀 Let's explore:

1. Key Levels and Zones:

1. Wave A and Wave B:
   
   Significant peak (Wave A) and trough (Wave B).
   A downward trend line suggests a bearish phase. 📉
   
2. Trend Line and Liquidity:
   Trend line connects highs during the decline from Wave A to Wave B.
   Watch the "Liquidity" zone near the trend line for resistance. ⚠️
   
3. Change of Character (ChOCH):
   "ChOCH" point indicates a possible market sentiment shift. 🔄
   
4. Golden Retracement Zone:
   Between ₹3,008.00 and ₹3,631.00 (Fibonacci levels).
   This critical support zone demands attention for bullish signals. 🟢
   
5. Wave C Completion Extended Zone:
   Between ₹2,677.00 and ₹2,777.00.
   A possible area for Wave C completion if price breaks lower. 🔻
   
6. First Target Zone:
   Between ₹4,076.00 and ₹4,220.00.
   The initial upward target for a bullish move. 🎯
   
7. Stop Loss (Day Close):
   Set at ₹2,641.65 to manage risk. 🛑
   

Analysis and Insights:

Current Price Action:

Trading near ₹3,001.05, close to the bottom of the golden retracement zone.
A critical support level; monitor for bullish signals. 👀
Potential Scenarios:

Scenario 1: Price holds above the golden retracement zone → Target the first zone at ₹4,076.00–₹4,220.00. 🚀
Scenario 2: Break below current levels → Likely move towards the extended zone at ₹2,677.00–₹2,777.00. 🔽
Trading Strategy:

Long Positions: Above the golden retracement zone, aiming for the first target. 📈
Stop Loss: Place at ₹2,641.65 on a day close basis to manage risk. 🛑
Disclaimer: This is for educational purposes only. Always perform your analysis or consult a financial advisor before trading.