{"id":5975,"date":"2014-09-02T11:45:25","date_gmt":"2014-09-02T06:15:25","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=5975"},"modified":"2014-09-02T17:50:50","modified_gmt":"2014-09-02T12:20:50","slug":"jain-irrigation-why-does-price-turn","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/uncategorized\/jain-irrigation-why-does-price-turn\/5975","title":{"rendered":"Jain Irrigation: Why Does Price Turn?"},"content":{"rendered":"<p>Technical analyst use quite a few tools to arrive at a potential turning point in price. By turning points we refer to support \/ resistance where price turns around.\u00a0 The tools include Fibonacci Retracement, trendlines, trend channels, moving average and harmonic patterns based on Fibonacci ratios. Then, there is more esoteric tools including Gann Angles and Elliott Wave. But, the key question is does the price turn because there is a trendline or Fibonacci retracement or completion of a harmonic pattern? Or, is there something more logical? How do we identify such high probability turn areas?<\/p>\n<div class=\"blog-highlight\" style=\"clear: both; background: #2baae2; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/lp\/rmgp.do?ref=blog-button\" target=\"_blank\"> <span style=\"color: #fff; font-weight: bold;\">Buy<\/span> <span style=\"color: #fff; font-weight: bold; text-decoration: none;\"> 24 Karat Gold Online <\/span><\/a><\/div>\n<p>Let me have your views \/ thoughts \/ comments on this subject. Please feel free to post your thoughts in the &#8220;Comments&#8221; section below or mail it to me with your charts.\u00a0 We will take this up for discussion later.<\/p>\n<p>Let&#8217;s take the case of Jain Irrigation for our study. Direct your attention to the daily chart featured below.<\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2014\/09\/Jain.gif\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-5978\" alt=\"Jain\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2014\/09\/Jain.gif\" width=\"1554\" height=\"723\" \/><\/a>\n<p>If you notice, price hit a high of Rs.133.40 on July 8 and fell subsequently to Rs.83.40 on August 13. If you notice, the fall was arrested at the 61.8% retracement of the prior rally. We would love to hear your thoughts on why the slide was halted at this level?\u00a0 We are bullish on this stock and expect a rally to Rs.125-130 to begin with. This view would be invalidated if the price falls below the recent low of Rs.83.40. Now, do not send us a message that the risk is too high etc.<\/p>\n<p>We are not trying to share a trading idea via this post. This is meant to be an educational exercise. Post your comments about why price turns? We will take it up for discussion after a week or so.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical analyst use quite a few tools to arrive at a potential turning point in price. By turning points we refer to support \/ resistance where price turns around.\u00a0 The tools include Fibonacci Retracement, trendlines, trend channels, moving average and harmonic patterns based on Fibonacci ratios. Then, there is more esoteric tools including Gann Angles [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59,1],"tags":[236,89],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jain Irrigation: Why Does Price Turn?<\/title>\n<meta name=\"description\" content=\"Have a look at Jain Irrigation chart. Why did price turn at recent lows? Let&#039;s have your thoughts on it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/uncategorized\/jain-irrigation-why-does-price-turn\/5975\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jain Irrigation: Why Does Price Turn?\" \/>\n<meta property=\"og:description\" content=\"Have a look at Jain Irrigation chart. Why did price turn at recent lows? 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