This time in our highlights, we are going to see one of the most famous stocks on the market right now, Adani Green Energy.
Recently, the Stock Prices shot up by 46% within a matter of less than 2 weeks! Yep, that’s a sharp rally with strong gains in these volatile market conditions.
Let’s look at the recent Behavior on the chart in the context of Price Action
Adani Green Energy – Price Action Analysis on 5h Chart
We can see a nice narrow Range Breakout with a strong momentum. The Narrow Range was also a good example of the Accumulation Phase. I have already discussed this in my telegram group.
Right after the Breakout, the stock prices shot up by nearly 46% with good buying pressure.
Even the Volume increased rapidly along with the Stock, indicating good order flow coming into the market.
As of now, based on the Price Action, we can say that the Market sentiment is Bullish on Adani Green Energy. But traders should be aware of profit booking and the possibility of a mild short-term retracement.
We should avoid jumping into the trade impulsively. It’s better to wait for a Retest and take positions based on a proper Trading Setup.
Keep an eye on the Chart and take decisions according to Price Action. To know more about the Accumulation Phase that happened in Adani Green Energy, take a look at the Video Link given below.
