i have high interest on your sup/res zone. long time back i asked you how realy you calculate your zone but you didnt give a clear answer then. again asking...
for example, how you came to know that "170 is quite a good level support zone"...
please... waiting for your reply.
Dear Amibrokerfans,
There are ways i came about that level. First if you had seen this space, we had SBI bearish view from since that neckline breakout...Tgts for same coming in about to at 174-176 levels...
Secondly, seen from weekly chart, it is coming to be a confluence zone coming in at 172-175 zone...Also earlier rally has breakout point at the same zone.
Third while watching hourly, it indicated that temporary bottom settling in. Watch climax volume, then low volume consolidation, breakout to downside, then again testing on low volume, and its below average volume. If you breaking zone, you required above average volume, this is most important thing for me, while analysing volume.
Lastly, Nifty has support at 7240-50 zone, which i am highlighting, so i tried to see few stock charts, if Nifty is at support there should be some good stocks which should also be there at their support, in search of my answers, i came around SBI, zeroing in, i qualified is a good candidate here...
There is nothing to hide, you can analyse through any angle, that zone will not be there in any study be it EW, Volume profile...etc...its a pure S/R thing with pattern completion tgt zone...
I rounded off near to 170. Thats why i said its a risk part there, but affordable one...170 is such level that can be arrived, its just a cushion i allowed if at all price flexes for intraday...
Let me tell you, another thing, if SBI wont stop at that zone, natural price attraction zone is 140-145 for SBI...Its there on the chart...Now thats well explained if Nifty breaks below 7240-7200...then 6600-6650 zone...
-----
Market doesnt know what is my level or someone else's, it simply doesnt care, its all about probabilities we are living in and trading in...
-----
