1. In last three weeks, bears tried hard to push the price lower but it has recovered sharply forming pin bars. It is also observed that price has taken decisive support near 550 zone which had acted as resistance during JAN 2018 to JULY 2018 until it broke out on 23rd July 2018 with gap up.
2. drawn on the chart also indicates supports at multiple locations (Nov 2016, Dec 2016, Feb 2018, March 2018 and now in Oct 2018.
3. Strong support (last three week's PIN BARS) also coincide with key retracement Fib level (78.6%) of the previous rise in price during JAN 2018 to AUG 2018.
4. There is no divergence observed in price & momentum on .
5. has gone past 40 in daily time frame which accompanies with decisive bull candle with good after gap down opening on 19th Oct 2018 especially in exceptionally bear market overall on 19th Oct 2018 overall.
In view of above observation, it looks that Havells might move up to achieve its previous high (726) and on breakout of this previous high may make a new top. Therefore, two targets have been arrived as shown on the chart :
(a). Target -1 : 726 (Previous high)
(b). Target-2 : 986 ( 1.27% on Fib extension of previous bull run/rise)
(c) Stop can be exercised at 547 (below PIN BARS of previous three weeks)
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