The case study this time would have gave you ₹88000 in 4 days.
In technical Analysis it is been said that the chart patterns always repeat the history.
As mentioned in the first part of the fibonacci golden ratio, as it gets more closer every time at 1.618. which generally creates trend reversal pattern.
In a falling market the stock finds support and in the rising market the stock finds resistance.
The calculation of the fibonacci levels is not a manual task as on today. Most of the trading software or chatting platforms give us the standard tool.
What is required is the ability to look at the charts and make out and initial observation that corrected enough and by looking at the chart it seems like it has fallen more than 161 . 8%.
If the primary observation gives scope to use the tool then it becomes more easier to identify where the stock is trading today.
We applied the same technique while you’re looking at the chart of muthoot finance.
Muthoot gave handsome profit of ₹ 88000/- in 4 days.
Recommendation : Buy
Lot size 1500 shares
Recommended rate : 370
Stop loss : 352
Target : 433
Muthoot finance rose from 410 to 484 in last two months.
Since the stock give of returns immediately after touching 484 kept on falling consistently fallen to as low as 363
The very same day stock ok touched 363 we recommended it to buy in the range of 370- 363. As 363 played very strong fibonacci golden level of 1.618.
We were quite convinced that the stock me come up like anything.
The stock immediately started rising and reached its target of 433 in 4 days.
We booked profit @ 429.
Stay tuned for more blogs.
” A Strategic trader, waits for the right time, and when the right time comes in ever miss it, like Egret”
PS : Share Trading is a business and a businessman never misses any blinking opportunity.