LONG (Buy) Trade Call
Technical Analysis: Entry: On crossing Flag's Upper Resistance Level which will likely indicate a start of bull run. This is the safest approach to enter once bull run is confirmed. On the flip side of it comes Mr. Fibonacci - who gave us Fibonacci Equation. And over the past 4 decades now it is norm to consider Fib retracement for getting better entry prices. As per Fibonacci principal, Fib retracement value 0.236 (Rs 963) is tested 85% of the time before going back to the original trend direction, Fib 0.382 (820.80) 70% tested which is likely to happen around 11 Oct 2024. And if market sentiments go down then it can even touch Fib 0.618 (Rs 588.79) 30% chances.
Fundamental Analysis are very much in Favour as well.
Therefore, place Buy Orders according to your own best judgment. I'll personally take entry on either breaking of Flag's Upper resistance OR at Fib 0.382 (Rs 820).
Technical Analysis: Entry: On crossing Flag's Upper Resistance Level which will likely indicate a start of bull run. This is the safest approach to enter once bull run is confirmed. On the flip side of it comes Mr. Fibonacci - who gave us Fibonacci Equation. And over the past 4 decades now it is norm to consider Fib retracement for getting better entry prices. As per Fibonacci principal, Fib retracement value 0.236 (Rs 963) is tested 85% of the time before going back to the original trend direction, Fib 0.382 (820.80) 70% tested which is likely to happen around 11 Oct 2024. And if market sentiments go down then it can even touch Fib 0.618 (Rs 588.79) 30% chances.
Fundamental Analysis are very much in Favour as well.
Therefore, place Buy Orders according to your own best judgment. I'll personally take entry on either breaking of Flag's Upper resistance OR at Fib 0.382 (Rs 820).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.