Short Term chart for the company is forming a descending triangle pattern with lower highs and same lows. The stock has been taking support in the range of 13.95 to 14.05. Looking at the Fibonacci retracement levels, the stock has been taking support at 0.5 level. The stock has had a gap down opening at fibonacci level . This would be my first target for the stock provided it breaks out of the descending triangle positively. My second target is at 18. The lower side target would be at retracement level 0.618. The stock is currently trading at its support zone. The stoploss should be set at 13.35 if buying at current levels. We should wait for the stock to breakout from the triangle and only then would make some position in the trade.
Comment:
Yes bank breaks downwards from the triangle and Stoploss was triggered.