Technical Analysis of  ADANIENT /INR:
ADANIENTÂ is currently trading at âč1615, which has seen almost a 20% rise within 2 days after a significant fall of 75% within 3 months.
Source:- CryptoPatel on Tradingview
Many retailers attribute this fall to the Hindenburg Report, but I believe that the retailers may be wrong. The decline began in December 2022, and a strong reversal pattern formed at the top. Therefore, smart players had already exited by the end of December and January.
The Hindenburg Report came on 24th January, by which time  ADANIENT had already given a strong reversal pattern. Therefore, I believe that this news might have been pre-planned.
It is essential to be smart and trade smartly in such situations. As per the chart, the downtrend of  ADANIENT is still ongoing, but I believe that it may test the âč2364 level again, which is around a 50% rise from the current price. However, after retesting resistance, another dump is expected.
The major support level is âč1360, and if any HTF candle closes below it, then another significant drop is expected. If the support level of âč1360 is broken, then we may see  ADANIENT at the âč500-âč700 level.
The Fib retracement support is also around those points.
0.5 FIB = âč704, 0.618 FIB =Â âč460
Long-term support TrendLine is also near the FIB Retracement levels.
It is essential to note that this process takes time, unlike Crypto, and it may take around 2-3 years in my opinion.
Note:- If  ADANIENT breaks the price level of âč3011, then the bearish sentiment will end.
My Key Levels:
Support: âč1360/$704
Resistance: âč2364
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This is Just My Opinion and Analysis.
This is not Financial Advice.
Do your Own Research Before Investing.
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