Tata Power Co Ltd. - Weekly Chart Analysis
This weekly chart of Tata Power Co Ltd. outlines a potential bullish setup with Fibonacci retracement levels indicating crucial areas of support and resistance. The trade details are as follows:
Entry: Around 424.80 INR
Target: 450.55 INR (Potential upside: 5.95%)
Stop Loss: 403.00 INR (Potential downside: 5.14%)
Risk/Reward Ratio: Approximately 1.16:1
The price is currently navigating through a consolidation phase, with a potential for an upward breakout as it approaches key resistance levels near 450 INR. The Fibonacci levels suggest the possibility of a strong move towards the 1.618 extension at 563.30 INR if the breakout sustains. This setup presents a moderate risk/reward ratio, making it suitable for traders looking for short-to-medium-term opportunities.
Entry: Around 424.80 INR
Target: 450.55 INR (Potential upside: 5.95%)
Stop Loss: 403.00 INR (Potential downside: 5.14%)
Risk/Reward Ratio: Approximately 1.16:1
The price is currently navigating through a consolidation phase, with a potential for an upward breakout as it approaches key resistance levels near 450 INR. The Fibonacci levels suggest the possibility of a strong move towards the 1.618 extension at 563.30 INR if the breakout sustains. This setup presents a moderate risk/reward ratio, making it suitable for traders looking for short-to-medium-term opportunities.
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