It has now been 9 weeks of tight consolidation of ~8% range. Stock is still holding above its previous ATH levels and also its key moving averages. Volumes have dried out. A close above 4000 levels with volume support would be good start for an upward journey. 4800 levels shall be kept as the first target as per the trend based fib. and further price action can be taken into consideration with trailing the risks. 3490-3500 still holds and be considered as a good support zone. Unless the stock closes below these levels it shall be considered strong. If it does close below this then the view shall be considered as invalid.
3685 would be the initial SL on closing basis if the stock successfully manage to close above 4000 levels.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
3685 would be the initial SL on closing basis if the stock successfully manage to close above 4000 levels.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.