With the breakout of both Falling Wedge and Inverted Head and Shoulders patterns, the stock may reach Fibonacci 0.5 levels. However, a retest of the neckline at 7.30 is also possible. To manage risk, traders may consider placing their stop loss at the previous higher low of 7 or just below the neckline.
Comment:
The stock is retesting the neckline for support.
Comment:
28-02-2023
The stock has taken support from the neckline at 7.30. A breakout above previous higher high of 7.80 should take the price towards Fibonacci retracement 0.5 levels.
Stop-loss can go below the new higher low of 7.3 rupees.
The stock has taken support from the neckline at 7.30. A breakout above previous higher high of 7.80 should take the price towards Fibonacci retracement 0.5 levels.
Stop-loss can go below the new higher low of 7.3 rupees.
Trade closed: target reached
