Angel One Ltd (NSE: ANGELONE) has witnessed a sharp upward movement, with today’s price action breaking past the key Fibonacci retracement level of ₹2,968 (61.8%) after bouncing off the support near ₹2,600. The recent appointment of Arief Mohamad as the Chief Business Officer - Direct Business could be a key factor boosting investor confidence, triggering this strong bullish momentum.
Key observations:
The stock is trading above its 20-day, 50-day, and 200-day moving averages, indicating strong bullish sentiment.
Immediate resistance is seen around ₹3,187 (next Fibonacci level), while strong support rests at ₹2,749 (38.2% retracement level).
RSI is hovering near 70, showing an overbought condition. A pullback may be expected, but if momentum continues, a breakout toward ₹3,400 is possible.
This move shows the potential for further upside, though caution is advised with the RSI entering overbought territory. Traders might want to watch closely for a potential pullback or consolidation in the near term.
Key observations:
The stock is trading above its 20-day, 50-day, and 200-day moving averages, indicating strong bullish sentiment.
Immediate resistance is seen around ₹3,187 (next Fibonacci level), while strong support rests at ₹2,749 (38.2% retracement level).
RSI is hovering near 70, showing an overbought condition. A pullback may be expected, but if momentum continues, a breakout toward ₹3,400 is possible.
This move shows the potential for further upside, though caution is advised with the RSI entering overbought territory. Traders might want to watch closely for a potential pullback or consolidation in the near term.
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