1. EIHOTEL has been moving in the parallel channel for the last, almost 2 years.
2. If we observe, can clearly see the phases of impulse and correction. Currently, the price seems to be completing the corrective phase.
3. If we see the daily chart, the price seems to be under contraction, indicated by the back-to-back formation of inside bar candles.
4. Recently, the price bounced off the 200 MA cluster, which is also a sign of strength.
5. The 200 MA cluster has acted as a support a lot of times in the last year. Hence, I am Long biased.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Happy learning. Cheers!
Rajat Kumar Singh (@johntradingwick)
2. If we observe, can clearly see the phases of impulse and correction. Currently, the price seems to be completing the corrective phase.
3. If we see the daily chart, the price seems to be under contraction, indicated by the back-to-back formation of inside bar candles.
4. Recently, the price bounced off the 200 MA cluster, which is also a sign of strength.
5. The 200 MA cluster has acted as a support a lot of times in the last year. Hence, I am Long biased.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Happy learning. Cheers!
Rajat Kumar Singh (@johntradingwick)
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Community Manager (IN), TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Rounding Top pattern: tradingwick.in/chart-patterns/rounding-top
B.Tech (Delhi Technological University)
Community Manager (IN), TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Rounding Top pattern: tradingwick.in/chart-patterns/rounding-top
