In my previous article on Adani Power Stock Prices, we saw the Price Action Building up strong Buying pressure on the 1D Chart.
As a result of that, we saw a Strong Momentum Breakout in Adani Power. Right after the Breakout, Prices shot up by nearly 45% within a matter of a few weeks.
Any Price Action Trader, who has paid attention to the chart, might have captured decent returns from this market movement.
Let’s reconsider our Analysis once again on Adani Power and see how the Price Action is unfolding right now.
Take a look at the Price Action Outlook on the 1D chart…
Adani Power – Price Action Analysis on 1D Chart
The Potential Resistance zone is at 135 and the Potential Support zone is at 105.
We can see a strong breakout from the Resistance zone and sharp upside momentum in the stock prices.
Buying Pressure is dominating the Market Sentiment and Price Action. Strong Trading Volume indicates increasing order flow in the Stock Prices.
If the Buying pressure continues, we might see more upside in the Stock Prices. In case of any surprises or negative impact, prices could likely experience selling pressure.
In my perspective, it’s better to wait for a retest and initiate the trades rather than taking impulsive decisions.
Keep an eye on the Price Action. This Stock might offer more potential trading opportunities in the upcoming days. Take a look at the Video link below related to Price Action Approach in Adani Power
