[h3]Vinati Organics Ltd – Weekly Chart Analysis[/h3]
1. Current Correction and Support Zone
The price has completed the ABC corrective structure with wave C nearing its completion in the Extended Correction Zone (₹1,729-₹1,689).
The current price (₹1,834.95) is hovering near the completion zone of wave C, and a sharp recovery is anticipated if support holds.
2. Key Levels and Trading Plan
b Bullish Scenario
Sustained buying from the current levels or the demand zone (₹1,729-₹1,689) could lead to a recovery toward the following target zones:
Target 1: ₹2,360
Target 2: ₹2,614
b Bearish Scenario
A break below ₹1,645 (on a day closing basis) could invalidate the bullish setup, with potential downside to lower levels.
3. Observations and Indicators
Support at Golden Retracement Zone: The stock had shown sharp recoveries in the past from the 61.8% Fibonacci retracement levels, as seen in earlier price movements on the weekly timeframe.
Volume Analysis: A noticeable increase in volume during previous support testing phases indicates buyer interest around key levels.
4. Key Risks
A failure to hold the current correction zone could push the stock toward lower levels. Watch for macroeconomic factors or company-specific news that might impact sentiment.
[h3]📈 What’s Your Take on the Setup?[/h3]
Are we heading toward the targets, or will bears take over? Share your insights in the comments! 🚀📉
1. Current Correction and Support Zone
The price has completed the ABC corrective structure with wave C nearing its completion in the Extended Correction Zone (₹1,729-₹1,689).
The current price (₹1,834.95) is hovering near the completion zone of wave C, and a sharp recovery is anticipated if support holds.
2. Key Levels and Trading Plan
b Bullish Scenario
Sustained buying from the current levels or the demand zone (₹1,729-₹1,689) could lead to a recovery toward the following target zones:
Target 1: ₹2,360
Target 2: ₹2,614
b Bearish Scenario
A break below ₹1,645 (on a day closing basis) could invalidate the bullish setup, with potential downside to lower levels.
3. Observations and Indicators
Support at Golden Retracement Zone: The stock had shown sharp recoveries in the past from the 61.8% Fibonacci retracement levels, as seen in earlier price movements on the weekly timeframe.
Volume Analysis: A noticeable increase in volume during previous support testing phases indicates buyer interest around key levels.
4. Key Risks
A failure to hold the current correction zone could push the stock toward lower levels. Watch for macroeconomic factors or company-specific news that might impact sentiment.
[h3]📈 What’s Your Take on the Setup?[/h3]
Are we heading toward the targets, or will bears take over? Share your insights in the comments! 🚀📉
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.