COCHIN SHIPYARD - dynamic support zone
Cochin shipyard completed more than 40% correction.
I am trying to identify probable support zone based on EMA values .
So it will be a dynamic support - it may vary with time and price .
Left screen :
Daily chart - price is near to 200EMA - assuming price to take support from EMA 200.
( price 1590)
Right screen :
Weekly chart - nearby support is 50 EMA
price 1490
So price band 1490-1590 as a tentative support zone
It is an attempt to combine both daily and weekly charts to identify support zones based on EMA values. The price band between 1490 and 1590, where the daily chart's 200 EMA and the weekly chart's 50 EMA align, could serve as a strong dynamic support zone to develop a potential reversal or consolidation.
Cautionary note: Support / resistance levels may vary based on market conditions .so this is not a recommendation to buy or sell, but rather a signal to watch the stock for future trading opportunities.
It's essential to monitor the stock in the coming days to see if the price action fits your entry criteria and aligns with your strategy.
disclaimer :This is not a buy sell recommendation - only for study purpose .
I am trying to identify probable support zone based on EMA values .
So it will be a dynamic support - it may vary with time and price .
Left screen :
Daily chart - price is near to 200EMA - assuming price to take support from EMA 200.
( price 1590)
Right screen :
Weekly chart - nearby support is 50 EMA
price 1490
So price band 1490-1590 as a tentative support zone
It is an attempt to combine both daily and weekly charts to identify support zones based on EMA values. The price band between 1490 and 1590, where the daily chart's 200 EMA and the weekly chart's 50 EMA align, could serve as a strong dynamic support zone to develop a potential reversal or consolidation.
Cautionary note: Support / resistance levels may vary based on market conditions .so this is not a recommendation to buy or sell, but rather a signal to watch the stock for future trading opportunities.
It's essential to monitor the stock in the coming days to see if the price action fits your entry criteria and aligns with your strategy.
disclaimer :This is not a buy sell recommendation - only for study purpose .
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