AEL.N Prediction (2024 Dec 04)

٣ ديسمبر ٢٠٢٤

Not a BHS recommendation. Just Sharing my idea.

AEL.N0000 - The overall trend is uptrend.
TimeFrame - Daily

Confirmations for a pullback:

1. The Up Trend Resistance Line is touching the wick. In previous instances, when the trendline touched the wicks, the price respected and reacted to the line.
   
2. There is a daily resistance at 29
   
3. Possibility of forming a Regular Bearish Divergence, Hence price drop.
   

What could be the next level to be bounced back? There are a few confirmations.

1. There is an RBR Demand Zone between 27.1 and 27.4
   
2. When using the Fibonacci Retracement tool assuming the new HH is on 29, the 0.5 level aligned with the 27.4 price level.
   
3. There is a daily resistance at 27.5
   

Therefore, I expect the price to come down to 27.4 and bounce back to make a new Higher-High (HH) continuing the uptrend. The P/B value is below 1 which means still it is an undervalued counter.

StopLoss would be just below the demand zone (26.90)

Let's see to what extent this prediction works.

٦ ديسمبر ٢٠٢٤

تم فتح الصفقة

The Up Trend Resistance has already broken up with good volume, indicating continuing the upward momentum.