U-TURN Resistance converts into Support (EDUCATIONAL -AARTIIND)

17 nov 2021

Aarti Ind. ltd. This stock has taken Resistance twice at same level, then it consolidated as a parallel channel at that same zone,
and then it given good breakout from parallel channel along with good intensity of volume,
Now it has retraced almost 78.6%, co-incidentally (1) same resistance zone, (2) Parallel channel's top, (3) Support trend line and (4) 200 DEMA, all are there at similar point location, All these 5 conditions met at same level that can provide good support. This scenario makes probabilities very strong each time. where stop loss is too low and Reward is too Good.
Overall scenario

Perfectly U-turn from valid fibonaccy level 0.786%

Daily macd line uptick and also converging towards positive

Good support zone

Support providing 100DEMA also at same responding zone

Parallel channel scenario

Support Trend line


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My studies are for educational purpose only
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