Texmaco Analysis

Temaxco moment if we see from 40 to 64, it had wooble around Rs 53, making it pivotal. It was resistance in sept 22 and had be ome strong support till May 23. Breakout of resistance 60 in June 23 opened scope for hogher levels and fibonacci 1.414 level was achived yesterday.Today also it made.double top at fibonacci level and retraced.Fibonacci 1.y18 level is 0laced at 72. So according to risk reward ratio it is not worth to enter this stock at this level. If we see the movement was started from support 1 of Rs 53 . Taking today as top it can retrace to Rs 63 ie 0.618 fibonacci level. So it is better to wait and watch this stock. If in any case this stock move above 72 that too with volume.then and then only its worth to enter.