Trading the fibonacci retracement level is one of the things i love but with good volume its a pie with an extra chocolate. This is how is took a 10% move in bpcl . When the stock made a 6% move on 16th July I opened its charts and studied it, I saw the stock was near 50% retracement level.The stock was showing strength, I wanted to make a move if it crossed 50% retracement level. I bought it at 396 when i saw good volume and price near 50% retracement level with a stop loss of 385 and sold it at 440
@paresh5310, rsi above 80 on 1 hour chart and above 70 on 1 day chart, so it could consolidate for some time now. I will wait for a crossout from next resistance or see if it faces strong resistance their.
Even I have analysed BPCl and caught the big move.