0.5 and 0.618 in Fibonacci is a golden zone from where price retraces so here Bandhan bank was following a trendline so to predict that pullback we used fib! We plotted Fibonacci from 165 to 423 (uptrend) and if we observe the reaction to our golden zone we can see it is a very important key zone. It broke out of Falling wedge with a nice breakout with good...
NSE:LINCOLN retraced till 23.6% FIB level and appears to be taking support now. RSI has also bounced up from 40 and is now above 50, aka in the bullish bias zone.
Interestingly, the support zone is right at a previous high.
Risk is limited as a failure to hold the 23.6% level or the previous high can negate the view. The pharma index, NSE:CNXPHARMA , saw good...
There are 2 Parallel channels given where the shift of track shown in the chart but there is a beautiful Harmonic XABCD pattern created which has always maintained the Fibonacci level when retrenching.
On that base and present trend analysis, I have tried to understand the recent move of Nifty Future ( present continuous) with the given target level and stop.
Sterlite Technologies Limited is currently struggling near Fibonacci @3.14 Projections. From Past three months, stock is not able to cross Fibonacci 3.14 levels. However as yet there are no sign of weakness or reversal in the stock.
Stock Might consolidate more near these levels.
Support are at 310, 270
Resistance at 360- 370, 430