BAJFINANCE
was on downtrend for the last four months. Which got arrested after pulling back up to Fibonacci level (.786). After consolidating there for some session started up movement and gave a clear break out above falling channel. The breakout is convincing as last 10 days volume is above 50 days average volume and also candles are wide this is a very important concept as per Volume spread analysis (VSA).
Price is now reached near .50 retracement level. A clear entry opportunity was missing till now as price not retraced since BO. Hence a good Risk reward is missing.
But there is chance for price retesting Fibonacci level .618 which is also a previous BO zone (6200 -6170). Then that level will provide a good support and can make a entry with very small risk, Stops can be considered at the levels of (6150 -6120).
The probable targets could be 6800,7100,7000. Whenever price retrace to Fibonacci level pyramiding should be seriously considered. Trade may take 4 to 6 months to meet its objective.
Good Luck
