FACT LTDLong
Fact : Fibonacci Numbers
March 2021 Fact made new high of 150 Rs. From 2018 till Dec 2020 it was trading between 28 to 60 Rs. In Dec 2020 it broke resistance of 60 Rs after 211 bars. [ Near Fibonacci no 233]. It was trading for 89 days from March 2021 till Nov 2022 between 60 Rs to 150 Rs. After 89 days which is Fibonacci no, it gave breakout above 150 Rs and touched 393 on Jan 2023. Which is 125% jump in one month it self. Obviously to buy stock at 125% high is absolutely not worthy. So we have to wait for oppertunity to enter this bullish stock. After making lifetime high it retraced to 0.214 which is again Fibonacci level in March 2023. This was reentry point as soon as it started moving up from 0.214 level, by April 23 it touched 0.786 Fibonacci level and retraced to 0.618 level. It is observed that this stock is exactly taking support and resistance at Fibonacci levels. Any stock if it holds at 0.618 level it is understood that the strength in stock is intact. So if Fact hold this level for 1 more week then it can retest 390. Where double top will be maid. It is observed that stocks have tendency to make double top. It is also observed that in this support and resistance process, Fact had made bullish flag pattern. 1st time it broke above flag pattern and its second time on way to break Flag pattern.
Conclusion
1. Fibonacci extention level 1.618 is placed @ 538. If it moves above 393 Rs then 1.618 level can b achieved.
2. Break above flag pattern 2nd time makes this stock very very bullish, and 90% chances that 1.618 Fibonacci levels can be achived as this stock is following Fibonacci levels.
3 Stock has to close above 322 for break above flag pattern.
4 When to buy is a big question, There are 3 levels where this stock can be bought. If second flag pattern fails then 250 Rs at 0.218 Fibonacci level is best buy if Flag pattern workout then where ever rate above flag pattern show, can buy at that rate and last is 322. If it trade above 322 then don't wait buy it, as 320 was area where this stock had reversed many time on daly time frame. After it gave away 320 it had not touched 320 till today.
Conclusion
1. Fibonacci extention level 1.618 is placed @ 538. If it moves above 393 Rs then 1.618 level can b achieved.
2. Break above flag pattern 2nd time makes this stock very very bullish, and 90% chances that 1.618 Fibonacci levels can be achived as this stock is following Fibonacci levels.
3 Stock has to close above 322 for break above flag pattern.
4 When to buy is a big question, There are 3 levels where this stock can be bought. If second flag pattern fails then 250 Rs at 0.218 Fibonacci level is best buy if Flag pattern workout then where ever rate above flag pattern show, can buy at that rate and last is 322. If it trade above 322 then don't wait buy it, as 320 was area where this stock had reversed many time on daly time frame. After it gave away 320 it had not touched 320 till today.
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