Topic Statement:
Adani Ports is riding strong bullish momentum after rebounding from a key retracement level, now approaching stiff resistance near a distribution zone.
Key Points:
- The stock retraced up to the 50% Fibonacci level and has since moved up to the 23.6% level, showing renewed strength
- Price faces stiff resistance at the 1500 mark as it enters a known distribution zone
- The stock rarely trades below the 200-day EMA, and such dips have historically offered excellent accumulation opportunities
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Disclaimer
This article should not be interpreted as investment advice. For any investment decisions, consult a reputable financial advisor. The author and publisher are not responsible for any losses incurred by investors or traders based on the information provided.