ZEN TECHNOLOGIES LTD (NSE: ZENTEC) – Daily Chart Analysis 🚀
Elliott Wave Structure | Fibonacci Retracement | Swing Targets
1. Why This Setup? 🤔
ZEN Technologies is showing a classic Elliott Wave structure, and the recent price action suggests a high-probability bullish reversal. Here’s why:
Wave 4 Correction Completed: The stock has retraced between the 38.2% (₹1,899) and 61.8% (₹1,671) Fibonacci levels of Wave 3, which is a textbook correction zone for Wave 4.
ABC Pattern: The correction unfolded as an ABC pattern, with the (C) leg finding support in the golden fib zone.
Change of Character (CHoCH): Multiple CHoCH points on the chart indicate a shift from bearish to bullish sentiment, suggesting that sellers are exhausted and buyers are stepping in. 🟢
2. Key Levels & Trade Plan 📊
Current Price: ₹1,880
Support Zone: ₹1,899–₹1,671 (38.2%–61.8% retracement of Wave 3) 🟢
First Swing Target Zone: ₹2,487–₹2,658 🟢
Second Target Zone: ₹2,849–₹3,085 (113%–127% extension of last major swing) 🟢
Why these targets?
The first target zone aligns with the projected completion of Wave 5, based on previous impulse waves.
The second target zone is calculated using the 113%–127% Fibonacci extension of the last major swing, a common area for extended moves in strong trends.
3. Risk Management 🛡️
Entry: Accumulate near current levels or on dips into the support zone. 🟢
Stop Loss: Daily close below ₹1,670 (61.8% retracement) to protect capital. 🔴
Targets:
1️⃣ First Target: ₹2,487–₹2,658 🟢
2️⃣ Second Target: ₹2,849–₹3,085 🟢
4. Technical Summary & Cautions 🟠
The completion of Wave 4 correction sets the stage for a potential Wave 5 rally.
Bullish momentum is likely to pick up above ₹1,900, with strong upside potential towards the target zones.
Caution: If price closes below ₹1,670 on a daily basis, the bullish setup is invalidated and further downside is possible. 🟠
Watch for confirmation candles and volume spikes for added conviction! 📈
Conclusion:
ZEN Technologies is offering a high-probability swing setup after a healthy correction. The risk/reward is attractive for positional traders, provided stops are respected. The technicals suggest a new uptrend could be starting, with clear targets and a logical stop loss. 🟢
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#ZENTEC #ElliottWave #SwingTrade #TechnicalAnalysis #TradingView #Stocks #NSE #Fibonacci #Breakout #StockMarket 🚀
Elliott Wave Structure | Fibonacci Retracement | Swing Targets
1. Why This Setup? 🤔
ZEN Technologies is showing a classic Elliott Wave structure, and the recent price action suggests a high-probability bullish reversal. Here’s why:
Wave 4 Correction Completed: The stock has retraced between the 38.2% (₹1,899) and 61.8% (₹1,671) Fibonacci levels of Wave 3, which is a textbook correction zone for Wave 4.
ABC Pattern: The correction unfolded as an ABC pattern, with the (C) leg finding support in the golden fib zone.
Change of Character (CHoCH): Multiple CHoCH points on the chart indicate a shift from bearish to bullish sentiment, suggesting that sellers are exhausted and buyers are stepping in. 🟢
2. Key Levels & Trade Plan 📊
Current Price: ₹1,880
Support Zone: ₹1,899–₹1,671 (38.2%–61.8% retracement of Wave 3) 🟢
First Swing Target Zone: ₹2,487–₹2,658 🟢
Second Target Zone: ₹2,849–₹3,085 (113%–127% extension of last major swing) 🟢
Why these targets?
The first target zone aligns with the projected completion of Wave 5, based on previous impulse waves.
The second target zone is calculated using the 113%–127% Fibonacci extension of the last major swing, a common area for extended moves in strong trends.
3. Risk Management 🛡️
Entry: Accumulate near current levels or on dips into the support zone. 🟢
Stop Loss: Daily close below ₹1,670 (61.8% retracement) to protect capital. 🔴
Targets:
1️⃣ First Target: ₹2,487–₹2,658 🟢
2️⃣ Second Target: ₹2,849–₹3,085 🟢
4. Technical Summary & Cautions 🟠
The completion of Wave 4 correction sets the stage for a potential Wave 5 rally.
Bullish momentum is likely to pick up above ₹1,900, with strong upside potential towards the target zones.
Caution: If price closes below ₹1,670 on a daily basis, the bullish setup is invalidated and further downside is possible. 🟠
Watch for confirmation candles and volume spikes for added conviction! 📈
Conclusion:
ZEN Technologies is offering a high-probability swing setup after a healthy correction. The risk/reward is attractive for positional traders, provided stops are respected. The technicals suggest a new uptrend could be starting, with clear targets and a logical stop loss. 🟢
Like & Follow for more setups! 👍✨
#ZENTEC #ElliottWave #SwingTrade #TechnicalAnalysis #TradingView #Stocks #NSE #Fibonacci #Breakout #StockMarket 🚀
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.