Observations:
1. Multi-year cup and handle formation is in progress
2. Currently at 21 MA zone in monthly chart & Trading at 200 MA zone in Daily chart. - So there is a strong resistance at 2770 level.
3. Morning star formation in monthly chart - Considering the current resistance level, there may be a minor dip upto 2650 level for the wick to form at the top in the current monthly candle. Good to invest part of the capital once the wick is formed.
4. We can expect a good rally once there is breakout at the MA resistance level. And note there will be a retest at the resistance level after the breakout.
Look for Support and resistance levels, Fibonacci levels for targets.
1. Multi-year cup and handle formation is in progress
2. Currently at 21 MA zone in monthly chart & Trading at 200 MA zone in Daily chart. - So there is a strong resistance at 2770 level.
3. Morning star formation in monthly chart - Considering the current resistance level, there may be a minor dip upto 2650 level for the wick to form at the top in the current monthly candle. Good to invest part of the capital once the wick is formed.
4. We can expect a good rally once there is breakout at the MA resistance level. And note there will be a retest at the resistance level after the breakout.
Look for Support and resistance levels, Fibonacci levels for targets.