After a steep fall from 106 levels till 46 finally price indicating some positive technical signals. As seen from the chart, price given a breakout gap above its prolonged falling trendline and RSI to pierced its falling trendline.
Interestingly price trading above its 55 DSMA and forming resistance at 89 DSMA both are the fib numbers. At the down its also forming a bullish gartely, where B = 61.8% of the XA move and we expect CD to travel atleast AB move i.e till 56.30 levels.
For the conservative traders we advice to buy above 53.30 levels and aggressive may buy with rising window’s SL which is 51.05 levels. We expect bounce till 56.40-60.00-63.10 with SL closing below 50.90. CMP 52.55
Nishant Bali CMT (L3), MBA, CeTA, CSC
Independent Consultant
Erudite Financial Institute