IB Real Estate Fib Retracement 38.2% levels

Long

INDIABULLS REAL EST (NSE:IBREALEST)

Updated

NSE:IBREALEST INDIABULLS REAL EST

supportandresistance fibonacci candlestick ibrealest indiabulls ibrealestate 1htimeframe 1hour fibonacciretracement

IB Real Estate recently hit its all time high around 195-196 zones. After this upmove, stock corrected to its 38.2% levels i.e. around 177-178 zones. This zone has previously also acted as a strong support (demand zone) for the stock. This time also the stock has respected this support level and bounced back from it. A strong sustained support from the current levels can lead the stock towards its all time highs. I am personally bullish on this stock.

*** I am not SEBI Registered Advisor, do consult before taking trade. ***

Comment:

The stock has taken a support and rebounded from 177 levels. There is a strong demand zone at this pointy. Clearly visible by the aggressive buying in the stock in past minutes. Stock from 179 (When I posted the Idea) to CMP 184.25 Now.

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