RELIGARE - MONTHLY CHART (INTERESTING PATTERN - NO TRADE YET)
This chart is extremely interesting to study
Look at the pattern
During first contraction, there was a huge supply which took the price to abyss levels of 17 from levels of 280. The contraction measured 91% as per the scale
Second contraction supply got limited to only 50% retracement & in the third it was only 28%
This shows diminishing supply pattern.
Price action give a successful breakout but went into consolidation. The least line of resistance is 285 & it should be kept on radar
Look at the pattern
During first contraction, there was a huge supply which took the price to abyss levels of 17 from levels of 280. The contraction measured 91% as per the scale
Second contraction supply got limited to only 50% retracement & in the third it was only 28%
This shows diminishing supply pattern.
Price action give a successful breakout but went into consolidation. The least line of resistance is 285 & it should be kept on radar