IDEA CELLULAR :- Daily & Weekly Chart Review

1. Two Bearish Gartley  in a row was spotted on daily Charts of Idea -Cellular Ltd.
2. Stock started falling  from Point D and continued its fall till it met 61.8% retracement of AD leg.It bounced therefrom but unable to cross resistance set by point B.
3. Stock again returned from Point B and broke Up -sloping trend line, however its still standing at 61.8% retracement support.
4. Breakdown from this support may take stock to the levels of 145, 138, 134, 129.

Daily Chart

 

1. Weekly Chart is in consensus with the Daily Chart.
2. On weekly Chart stock is oscillating in between down-trending channel, which might be construed as potential bullish three drivers pattern [ Point 1 & Point 2, already established]
3. This potential pattern , if completed might take stock to the levels of 130-129- 127 on the downside, to establish point 3.

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Weekly Chart