April 25, 2014

Adani power chart analysis

  • Weekly chart of Adani power shows a bearish PIN Bar which is working well so far. Price is retesting the weekly cloud now. If price is able to hold above the cloud then the effect of PIN Bar will be limited. PIN Bars at higher time frames are effective reversal signals.
  • For the Daily chart price is at the crucial 20 Day SMA and near 38.2% Fib level. If price stays above these two levels on closing basis then up move can be resumed. Closing below these levels may extend the correction towards 50% Fib level.

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