CEAT: Is it moving towards reversal?
CEAT: This is how I look at it, purely my POV.
For me it's a *NO* for long term. However swings can be enjoyed looking at daily chart as per individual setup.
Looking at weekly chart Demand seems to be btn 752-851and Supply 1390-1420.
The move from DZ was seen somewhere in may 2016, and it was recently tested, the leg out candle after the test was Bullish Engulfing candle (weekly), indicating buyer Intrest at this level also in the past lot of price reactions can be seen around ds zone and majorly prices has moved up or got supported in this band, hence it can be a good price support band.
With identified DZ & SZ prices are low in curve.
With the current momentum pace if it crosses 1160+ lvl (previous swing high) it can be looked to chk for trend reversal.
For me it's a *NO* for long term. However swings can be enjoyed looking at daily chart as per individual setup.
Looking at weekly chart Demand seems to be btn 752-851and Supply 1390-1420.
The move from DZ was seen somewhere in may 2016, and it was recently tested, the leg out candle after the test was Bullish Engulfing candle (weekly), indicating buyer Intrest at this level also in the past lot of price reactions can be seen around ds zone and majorly prices has moved up or got supported in this band, hence it can be a good price support band.
With identified DZ & SZ prices are low in curve.
With the current momentum pace if it crosses 1160+ lvl (previous swing high) it can be looked to chk for trend reversal.
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