Adani Ports | Breakout | Latest stock market news(3 minutes read)

Stock name: Adani Ports

Pattern: Breakout

Time frame: Daily

Observation: Adani Ports has been trading in a range of 650 to 920 for a very long time (since Feb 2021) and has very recently broken out of the range. Once such a rectangle break-out happens, price travels the distance equal to the size of the rectangle (i.e. 920-650 = 270 points) from the break out point. In this case, the price comes to 1190. However, one caution should be that there is no volume support in this case.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) The annual inflation rate in the US eased for a second straight month to 8.3% in August of 2022, the lowest in 4 months, from 8.5% in July, but above market forecasts of 8.1%.

2) Ministry of Coal had invited bids for coal mines for commercial coal mining. Technical evaluation of bids has been completed and forward e-auction for 10 coal mines has started yesterday.

3) “The dip has happened mainly because of profit taking. From October-November onwards, we should see some recovery coming back into the equity flows,” says NS Venkatesh, CEO, AMFI.