One can clearly observe the price movement within the channel.
Breakdown of weekly channel due to prevailing economic slump, but expected to take support of monthly channel lower trend.
So, we can expect the REVERSAL of price from lower (of monthly channel), which is nearly Rs .27. But if BREAK the channel then NEXT is expected at Rs 25 and Rs . 20 (VERY VERY STRONG SUPPORT).
So based on personal horizon & time-based profit opportunity, one CAN TAKE CALL FOR SHORT or LONG.
Stay Safe and Stay Healthy
Please see below chart:
I have analysed many previous retracement after major/ minor falls, and found that MAXIMUM retracement is up-to 61.8% level.
So as per above chart, if we consider this as MINOR DROP (of a bigger fall, yet to occurs), then retrace level is nearly Rs. 33.50, from there it can AGAIN fall down and will drop below 27 also. HENCE RESISTANCE is 33.50 and 37.50. if price break this then it may be consider as Retracement#2
BUT, if consider this rectracement of DROP#2 (which is also a bigger fall), then resistance can be nearly 48.65 and breaking this will have upward move.
As per Price Action Support & Resistance levels, Rs. 31.10 is seems to a major resistance level. Hence this also to be watched.
So, next resistance are: 31.10, 33.50, 37.50. Breaking these will leads to more upward movements.
At same time, if price crash below 29.50 (and sustained), then it may fall downwards....and break 27....
Note: All break means break & sustained for adequate numbers of candles in different time-frame.
Note-2: This may and may not comes true, so please trade as per your analysis and risk taking capacity.