ADANIGREEN

2 Eyl

ADANIGREEN [ Symmetrical Triangle Pattern]

Resistance Line (Red):
The upper red dashed line is acting as a resistance line, where the price has previously struggled to break through (as indicated by the red arrows).
Support Line (Red):
The lower red dashed line is the support level, where the price has bounced back up (as indicated by the green arrows).

Possible Breakout Scenarios
Bullish Breakout (Scenario 1): If the price breaks above the resistance line, the stock could potentially move higher towards the next resistance level around ₹3,050, as indicated by the dashed blue line with label "1".


Bearish Breakdown (Scenario 2): If the price breaks below the support line, it could drop significantly, potentially moving towards the lower level around ₹400, as indicated by the dashed blue line with label "2".

Scenario 1: Bullish Breakout

Breakout Level: Around ₹2,000 to ₹2,050.
1First Target: ₹2,400 - This is the first level of resistance, where the stock previously faced selling pressure.
Second Target: ₹3,050 - The upper resistance level, marked as "High" on the chart. This could be a medium-term target if the bullish momentum continues.
Extended Target: ₹3,600 - If the momentum is strong and supported by increasing volume, the stock could potentially reach this level, which would be a measured move based on the height of the triangle pattern.

Scenario 2: Bearish Breakdown

Breakdown Level: Below ₹1,750.
First Target: ₹1,400 - This is a key support level from the previous swing low, and it might act as a buffer before further decline.
Second Target: ₹800 - This is a more substantial support level that aligns with previous significant lows in 2022.
Extended Target: ₹400 - This is the lower extreme marked by the chart, which could be reached in a severe bearish scenario, possibly driven by a market-wide correction or negative news specific to the company.

Stop-Loss Strategy:

Bullish Trade: Place a stop-loss just below the breakout point, around ₹1,750, to protect against a false breakout.

Bearish Trade: Place a stop-loss just above the breakdown point, around ₹2,050, to safeguard against a false breakdown.

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"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.

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epro-bullswings dt02/09/24