Karur Vysya Bank looking bullish with great RR
Let's see step by step analysis
First price action : Area arnd 58.75- 58.8 is a support where stock was able to form a base and today formed a good bullish candle with a vol spike
Fibonacci Cluster :
There are two Fibonacci retracements plotted. (1) By taking 53.55 as swing low & (2) By taking 42.1 as swing low. So 50% retracement of (1) is exactly coinciding with 23.6 % of (2).
And this coincidence is at the price range which we got with the help of price action. So a good buy can be initiated above 61.5 with 58.5 as Sl for the target of 67.7
First price action : Area arnd 58.75- 58.8 is a support where stock was able to form a base and today formed a good bullish candle with a vol spike
Fibonacci Cluster :
There are two Fibonacci retracements plotted. (1) By taking 53.55 as swing low & (2) By taking 42.1 as swing low. So 50% retracement of (1) is exactly coinciding with 23.6 % of (2).
And this coincidence is at the price range which we got with the help of price action. So a good buy can be initiated above 61.5 with 58.5 as Sl for the target of 67.7
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.