ADANIPORTS NSE Stock | Technical Analysis | Dec 2019 Overview

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Let’s start with the yearly candlestick charts of ADANIPORTS to spot the buying and selling opportunity in it. Below you can see the yearly candlestick price charts of ADANIPORTS.

Adaniports yearly chart-Dec 2019

Currently its trading at a price of 382.05. As you can see from the above charts, its near its lifetime high of 452.35(made in 2018) and above its 2019 low of 292.10. We cont have much clue from yearly charts right now. So lets look at halfyearly charts for trading opportunities.

ADANIPORTS Halfyearly Time Frame Candlestick Charts Dec 2019

In halfyearly charts, ADANIPORTS is in clear uptrend but in a range-bound consolidation. Below you can look at how ADANIPORTS looks in half-yearly charts.

Adaniports Half-Yearly Chart Dec 2019

It looks like Elliot 3rd wave, which is considered to be the longest wave, might be in progress. I have marked Elliot wave 1, wave 2 and wave 3 in the below chart.

Adaniports Half-Yearly Chart Dec 2019 Elliot wave in Progress

In the longer-term view, I am bullish on this stock and would like to buy on dips or fib retracement levels. The entire blue region marked on the above chart could be potential Elliot wave1, followed by retracement marked in yellow which could be potential Elliot wave 2. The current wave in progress, marked with green color could be potential Elliot wave three. Let’s break this chart to further lower time frames to find good trading opportunities.

ADANIPORTS Quarterly Time Frame Candlestick Charts Dec 2019

In the quarterly charts of ADANIPORTS, I identified 3 key price levels which can be used as key support and resistance levels and also breakout price level. Below you can see in the image, I have marked 339.65, 292.10 and 452.35 as 3 key price levels.

Adaniports Quarterly Chart Dec 2019 - 3 key price levels

Those who are already in a long position can use 339.65 as immediate stop-loss levels. Break of this price level will further test the price levels of 292.10. The price level of 452.35 can be used as initial resistance and the break of this will be considered as a bullish breakout in ADANIPORTS. Now let’s do our technical analysis on the monthly chart of ADANIPORTS.

ADANIPORTS Monthly Time Frame Candlestick Charts Dec 2019

ADANIPORTS is bouncing back from inner trendline support. As discussed earlier, 339.65 looks like a strong stop loss level. A more aggressive stop loss will be 361.55.

Adaniports Monthly Chart Dec 2019 - Inner trendline support

Outer trendline as seen in the above chart should be used as a support for ADANIPORTS.

ADANIPORTS Weekly Time Frame Candlestick Charts Dec 2019

In the weekly time frame, ADANIPORTS has a clear candlestick closing entry. Long trades can be enter after looking at a good risk-reward ratio. I believe any trades which has a minimum risk-reward ratio of 1 :3 or higher should be considered for trading. Below you can see weekly charts of ADANIPORTS with an entry on last week closing and stop loss as previous week low.

For calculating the target, I will be using 100 % levels of Fibonacci extensions.

Adaniports Weekly Chart Dec 2019 - fib extension targets

450.75 looks like a prominent weekly trade setup target. But before taking any trade, always check for minimum risk ratio reward of 1:3 or higher. The below chart shows you a good risk-reward ratio of 1:3 on this trade.

Adaniports Weekly Chart Dec 2019 - target price and risk reward

Conclusion on ADANIPORTS for Dec 2019

As discussed above, I am bullish on this stock and traders looking to buy this stock should place strict stop losses. Always look for higher risk-reward ratio trades and maintain discipline.

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