EXPLANATION : This is a 15 min time frame chart of BAJFINANACE , It has formed Symmetrical triangle pattern ; A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates...
Fibonacci is one of the important tool to predict and understand the retracement of the stock.
MARUTI SUZUKI was in down trend since mid of Feb started retracement on 26th of Feb around 8610 and retraced by 38.2% till 7372, which is also a price at the current date. after this retracement it continued the down trend.
A trend reversal is observed on 30th of...
Symmetric Triangle formed here can lead stock for an Up move to the 2617 as we can see Resistance line.
So If triangle breakout successfully we can get our first target for short term (1-2 weeks) at Price level 2617.
Next target can be 2765 & 2896 (For long term)
If pattern breaks down, stock can take support near 2364
The stock has been consolidating for more than a month (formation of the symmetrical triangle) wait for the breakout and take trade according to that
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