Topic Statement:
Havells India has corrected but is showing early bullish signals, supported by key technical levels and poised for a breakout from its short-term downtrend.
Key Points:
* The price corrected to the 38.2% Fibonacci retracement level, where it received strong support
* It touched the 200-day EMA, which acted as a deflection point, preventing further downside
* Currently moving in a short-term downtrending channel, the stock is likely to resume strong bullish momentum once it breaks above this channel
Havells India has corrected but is showing early bullish signals, supported by key technical levels and poised for a breakout from its short-term downtrend.
Key Points:
* The price corrected to the 38.2% Fibonacci retracement level, where it received strong support
* It touched the 200-day EMA, which acted as a deflection point, preventing further downside
* Currently moving in a short-term downtrending channel, the stock is likely to resume strong bullish momentum once it breaks above this channel
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.