JTEKT 1D
BOS (Break of Structure):
A break of structure occurred in the uptrend, signalling a shift in market momentum around late April to early May. This indicates that the previous resistance was broken, which led to a strong bullish rally.
CHOCH (Change of Character):
After the bullish move, a change of character is marked, indicating a reversal from the uptrend into a downtrend in mid-July. This suggests a potential shift in the market's direction from bullish to bearish.
Fibonacci Levels:
Fibonacci retracement levels are drawn, with the 0.618 level providing a significant resistance around ₹185, and the 0.786 level offering support near ₹165. The price is currently consolidating between these key levels.
Order Block (OB):
There is an order block marked around the ₹165 zone. This is a significant area where institutional buying or selling occurred, and it may act as a strong support for a future price bounce.
Current Price Action:
The price is hovering near the 0.786 Fibonacci retracement level and the order block area, indicating a consolidation phase. The stock seems to be coiling, preparing for a potential breakout either upwards or downwards.
Summary:
The stock recently experienced a change of character and has retraced down to the 0.786 Fibonacci level near an order block. This area could serve as strong support, setting up for a potential upward bounce if the market regains bullish momentum.
The resistance at ₹185 (0.618 Fibonacci level) will be key to watch for further confirmation of a reversal or continuation of the current trend.
A break of structure occurred in the uptrend, signalling a shift in market momentum around late April to early May. This indicates that the previous resistance was broken, which led to a strong bullish rally.
CHOCH (Change of Character):
After the bullish move, a change of character is marked, indicating a reversal from the uptrend into a downtrend in mid-July. This suggests a potential shift in the market's direction from bullish to bearish.
Fibonacci Levels:
Fibonacci retracement levels are drawn, with the 0.618 level providing a significant resistance around ₹185, and the 0.786 level offering support near ₹165. The price is currently consolidating between these key levels.
Order Block (OB):
There is an order block marked around the ₹165 zone. This is a significant area where institutional buying or selling occurred, and it may act as a strong support for a future price bounce.
Current Price Action:
The price is hovering near the 0.786 Fibonacci retracement level and the order block area, indicating a consolidation phase. The stock seems to be coiling, preparing for a potential breakout either upwards or downwards.
Summary:
The stock recently experienced a change of character and has retraced down to the 0.786 Fibonacci level near an order block. This area could serve as strong support, setting up for a potential upward bounce if the market regains bullish momentum.
The resistance at ₹185 (0.618 Fibonacci level) will be key to watch for further confirmation of a reversal or continuation of the current trend.
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