In the recent update, we can see the reversal pattern formation for Adani Port – Double bottom formation or W formation on a one-day candlestick chart (28th July).
If we plot a trend line in this stock then we can see that yesterday Adani port took its crucial support again and then went up approx. 4% on today’s trading session i.e 24th Aug 2021. It’s a very good signal for Swing Traders who wants to hold this stock for a bullish move as shown in the image below
What do we expect next?
The chart clearly shows that there was a small range in Adani port between 700 to 718 level. If we see a breakout above these levels in the coming days, then we could see a sharp and strong bullish move in Adani Ports in the next coming few days or weeks after the breakout
After the breakout in this stock above the mentioned range, we will see a target of Tgt1 – 750, Tgt2 – 818 & Tgt 3 – 888 with an SL below 640
AS PER FIBONACCI LEVELS
As per Fibonacci levels, it’s clear that we have a buying opportunity above 738 which is 0.382 Levels as per Fibonacci Retracement levels. As per Fibonacci Retracement levels, we can see a retracement from 738 levels again to 700 levels. If we get a breakout above 738 level then we can see 768, 800 & 843 levels i.e 0.5, 0.618 & 0.786 levels according to Fibonacci Retracement levels as shown in the image below
We might see a bullish move in Adani Ports above 718 until we have to wait for the breakout and look at this stock closely.