From the left to the right you can see a year long 56% base which started topping out in April22. It took almost a year when the stock took support at 60 level and started its upward journey after consolidating for month and half. It has retraced back almost to 38% of fib.
As you can see what took a stock a year to correct 56% and it took only 3-4 months to reach at similar levels.
I hope it should either spend few weeks here before continuing its upward move or a sudden move and then small base. So shall position ourselves in such manner.
Now 102-124 shall now act as support zone and our view stays valid until it closes below this levels on a weekly timeframe.
It is above all the key moving averages.
As per the trend based fib 169.50 - 200 - 240 are the levels it can test if it sustains and move further as per the trend.
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.
As you can see what took a stock a year to correct 56% and it took only 3-4 months to reach at similar levels.
I hope it should either spend few weeks here before continuing its upward move or a sudden move and then small base. So shall position ourselves in such manner.
Now 102-124 shall now act as support zone and our view stays valid until it closes below this levels on a weekly timeframe.
It is above all the key moving averages.
As per the trend based fib 169.50 - 200 - 240 are the levels it can test if it sustains and move further as per the trend.
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.