METROPOLIS - Fibonacci + Support Break Down + Volume

METROPOLIS has today given a volume supported breakdown. This stock is in continuous downtrend and has been breaking multiple supports.
Before the current fall, this has given perfect golden ratio Fibo retracement.
Weekly chart view
Volume for today was approx 4 times is usual trading volume.

Trade levels
1 Flat opening
In this case, stock looks weak below 1748. In case stock moves upward then 1800 will act as strong resistance and downfall can be anticipated from there. In such case, if it takes rejection from 1800, short below 1790.

2 Gap up opening
Wait for rejection from 1800 levels to initiate any short. In case it does not stop at 1800, 1820-25 is strong resistance for it (as shown in chart). Won't initiate any trade tomorrow in case it moves abv 1800

3. Gap down opening
I won't recommend trading it if this opens gap down below 1735 as risk to reward ratio wont be favorable in such trade due to increased retracement scope. Sit back, relax and we will find another in such case.

Thanks
Piyush Gupta
Learn & Earn