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Respecting resistance line

NSE:TATASTEEL   TATA STEEL LTD
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Any guesses?

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TSL price is moving in a descending price channel in a monthly as well as weekly price chart . It has posted 52 weeks low at 320 on 9th October 19. Since then, the price has bounced back. However, it has to break above descending price channel to confirm reversal. Let us use Fibonacci retracement tool. You join 52weeks high price point at 561 with 52 weeks low price print at 320. 38.2% pullback is at 504 followed by 50% at 558 and 68.2%(golden ratio) at 617.
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