I believe that from now if the cloud breaks below 1171 which is 38.2 Fib level, it should reach at least 50% Fib level which is 1127 which is my First target with 61.8 and 100% Fib levels as second and third targets. As long as it hovers between 23.6 and 38.2 Fib level, I will not worry much. So currently waiting for this stock either to break down or up and...
This chart is showing great resistance and if cloud breaks to downside along with the break down of 78.6 Fib level i.e., 627 by tomorrow, we may expect to reach the price at least to reach 61.8 Fib level. I do not consider trading this short trade for a long period of time as I believe that this script is in a strong up trend.
Taking a long would be an ideal situation though the uptrend is not confirmed because the chikou span is still in the cloud, but if you trade you can take trade with a small stop.
If BHEL breaks above 38.2 Fib level which is 133, thefirst target would be at 138 with 144 and 161 as second and third targets.
After a consolidation, NIFTY started its new uptrend. 8425 is first target, 8548 is second and 8723 is third target. Happy trading.
According to ichimoku, the cloud broke, but the chikou span is still in the cloud, so we still have not got the confirmation of the new trend. Also MACD is showing overbrought, so have to wait for the confirmation so we can trade.