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1. Its long term trend is up as price is making a higher top higher bottom formation and mid and long term EMA’s are moving upwards.

2.  Price has hit the monthly demand zone of 1380 – 1279 and has moved upwards suggesting a good amount of accumulation has ocured in this zone.

3. Price has hit the weekly demand zone of 1344 – 1290 adding more strength to the upward move

4. The price has a tendency to hit bounce from the 300 and 360 day EMA and historically , it has risen 50% from the price. As per that data , we can expect a price level of 2017 ( 50 % upside from 1350 where the 365 EMA based price reversal occured )

5. Since two years , price has been moving in an ascending channel and currently price is at the channel support at 1427. The channel resistance is around 1866 which is 31% from the current market price.

6.  By observing the price action keenly , one can see an AB= CD harmonic pattern in progress.

AB leg is 1106 to 1784. BC leg ends at approximately 61.8% retracement of AB leg. This fibonacci retracement level is most often a strong support area. The projection of point D can be made by taking 127.2% extension of leg BC and it comes out to 1950 which is 36% up from the cmp of 1427.

7. We can observe a bullish wolfe wave which can be useful for the short term trader. The target for the wave is at 1572 ( 11% from cmp of 1427)

8.  The last sign of an upward move is the Hidden Bullish Divergence. Price is making a higher high and the RSI(14) is making a lower low. This is an indication that the price will move higher from the current level.

All these points lead us towards a high probability upmove which can be cashed in for a 35-50% upside in the near term ( 6-8 months)

P.S. : This analysis is invalid below 1110.