ANGEL ONE - WEEKLY Fibonacci Structure
The Fibonacci retracement is from the major low near 995 to the peak around 3,900. The correction after the rally has been shallow, indicating strength in the broader trend. The 61.8% level near 2,100 has repeatedly acted as a strong demand zone. The 50% retracement around 2,445 continues to behave as a key equilibrium level.
Support and Resistance Zones
The 2,050–2,150 zone remains a major long-term support, supported by multiple price reactions and Fibonacci confluence. On the upside, the 3,800–3,900 region acts as a strong supply zone, resulting in repeated rejections. A descending trendline from the highs is acting as dynamic resistance. The 2,400–2,500 band serves as a critical range midpoint.
Volume Analysis
The rally from lower levels was accompanied by expanding volumes, confirming strong participation. During the consolidation phase, volumes have contracted, indicating a time-wise correction rather than distribution. Volume expansion near key support levels suggests accumulation on declines. The lack of high-volume breakdowns supports structural stability.
Pattern Formation
Price action is forming a broad descending consolidation pattern with lower highs and stable base formation. Sellers are active near the descending trendline, while buyers continue to defend the Fibonacci support zone. This compression suggests declining volatility. A decisive move out of this structure is likely to set the next medium-term trend.
The chart reflects a strong primary uptrend followed by a prolonged consolidation phase. Key Fibonacci levels and horizontal supports remain intact. Volume behaviour indicates accumulation rather than exhaustion. The structure suggests the stock is preparing for a directional expansion.
Long
