Adani Power Stock prices have been witnessing good Buying pressure for the last few days. As of now, share prices are trading around the 129 – 132 figure.
The prices are bouncing back after testing the Parallel Support Zone at 95 – 100. Volume is also showing signs of increased order flow coming into the stock.
Are we seeing a new trend in Adani Power share prices? Take a look at the Price Action Analysis on the 1D Chart to find out…
Price Action of Adani Power Share Prices on 1D Chart
As we can see from the Price Action, Despite Rising Volume and Increased Buying Pressure, share prices are still trading within the Range.
Prices must break the Parallel Resistance to Trend Higher. Similar logic goes to the downside as well. If prices break the Parallel Support, shares can trend lower.
The potential Resistance zone is at 140 – 142 and the potential support zone is around 95 – 100.
Based on these observations, we can conclude that there’s not yet a clear trend in Adani Power share prices.
Traders should keep an eye on the Price Action on the 1D Chart, and take trading decisions based on the market behaviour. It’s better to wait till we see a clear trend in stock prices.