Potential Bearish Reversal in Navin Fluorine Intl. Ltd
This weekly chart of Navin Fluorine Intl. Ltd. indicates a possible bearish reversal from the Fibonacci retracement levels. The stock is currently trading around ₹3,298.00, facing resistance at key Fibonacci levels.
Entry: ₹3,298.00
Stop Loss: ₹3,370.85
Target: ₹3,150.15
The setup shows a potential move lower, with key resistance levels aligning with Fibonacci retracements of 0.5 at ₹3,368.65 and 0.618 at ₹3,251.25. A break below these levels could signal a further decline toward the target area near ₹3,150.15.
Key Levels:
Resistance at 0.5 Fibonacci Level: ₹3,368.65
Support at 0.618 Fibonacci Level: ₹3,251.25
Target: ₹3,150.15
Stop Loss: ₹3,370.85
Analysis: The volume pattern suggests weakening momentum on the upside, and a potential break below the 0.618 Fibonacci level may lead to a further bearish move. Traders should monitor the price action around these critical levels and adjust their strategy accordingly
Entry: ₹3,298.00
Stop Loss: ₹3,370.85
Target: ₹3,150.15
The setup shows a potential move lower, with key resistance levels aligning with Fibonacci retracements of 0.5 at ₹3,368.65 and 0.618 at ₹3,251.25. A break below these levels could signal a further decline toward the target area near ₹3,150.15.
Key Levels:
Resistance at 0.5 Fibonacci Level: ₹3,368.65
Support at 0.618 Fibonacci Level: ₹3,251.25
Target: ₹3,150.15
Stop Loss: ₹3,370.85
Analysis: The volume pattern suggests weakening momentum on the upside, and a potential break below the 0.618 Fibonacci level may lead to a further bearish move. Traders should monitor the price action around these critical levels and adjust their strategy accordingly
Penafian
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