BSE: Massive move by combining Rounding bottom and ADX

Sometimes simple price pattern along with price indictors creates wonder if one combines it together! See yourself how we identified such massive move in BSE. Check out how we selected BSE which has rallied more than 35%.

We published the following research on BSE pre-market on 1ST September 2023 in "The Financial Waves Short Term Update” which our subscribers receive pre-market every day.

BSE Weekly chart Anticipated as on 1^ST September 2023

Wave analysis as on 1^ST September 2023

BSE has been moving higher recently and intact in strong uptrend. In the previous session it closed with a massive gain of 9.81%.

On the weekly chart, in the previous session prices formed a bullish candle. An weekly close above 1048 level will confirm breakout of the rounding bottom pattern. We have shown ADX indicator which gives an indication if the stock is trending or in a trading range. The low readings of ADX indicates that the stock is in a range. The Adx of this stock is 59.29 giving an indication of a trending market. The reading above 25 means strong directional strength.

In short, trend for this stock is positive. Use dips towards 1040-1050 as a buying opportunity for a move towards 1180-1200 levels as long as 1000 holds on the downside.

BSE Weekly chart Happened as on 18^th September 2023Happened: BSE moved as expected. As stock gave a dip and after which a sharp rise was seen. Prices not only achieved our target of 1200 but moved way higher and made a high of 1293. We have been able to capture a move of more than 35% in just 12 trading sessions with the help of simple price pattern. Price action supported the trend and as a result we saw a sharp rally in BSE.

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