Stock has broken a trendline with a huge bear candle with good volume on intra -charts.
higher Higher, higher low Structure of the stock is still maintained.
Stock has support around 327 levels , it is the levels from where stock has given the breakout and also retest it before rallying, hence it is important to see how price action will unfold around these levels.
The #Nifty50 intraday chart price action is at the completion of the crab pattern, the intraday harmonic resistance.
Now we should focus on the price action following the completion of the Crab pattern, as the price action will provide the immediate signs of a potential reversal if it has to happen.
.618 Fibonacci Retracement
Most Popular Retracement
Important retracement for a stock that is selling off after completing a good Rally.
#BharatForge is a perfect example of .618 Bullish Retracement and its amazing to see how prices rallied after hitting .618 retracement
Trade Consideration ( Refer Chart )
Point #1 : A good rally
Point #2 : A sharp Sell-off