This daily chart of Exide Industries Ltd. highlights a potential bullish setup, with key Fibonacci retracement levels drawn from the recent swing low at ₹480.55 to the swing high at ₹514.25. The price is consolidating around the 0.618 Fibonacci level, a critical support zone, which could indicate a potential reversal to the upside.
The price is currently near the ₹504.30 level, and a move higher could lead to a significant rally toward the ₹671.35 level (100% Fibonacci extension) and possibly ₹789.30 (1.618 Fibonacci extension).
Key Levels:
Support: ₹480.30 (Fibonacci 1.0 retracement)
Resistance: ₹514.25 (Fibonacci 0.0 retracement)
Potential Targets: ₹671.35 (100% Fibonacci extension), ₹789.30 (1.618 Fibonacci extension)
Analysis: The current consolidation near the 0.618 Fibonacci retracement suggests the possibility of a bullish reversal. Traders should watch for signs of strong buying activity or bullish candlestick patterns that confirm the move higher. The key resistance levels and Fibonacci extensions offer attractive target
The price is currently near the ₹504.30 level, and a move higher could lead to a significant rally toward the ₹671.35 level (100% Fibonacci extension) and possibly ₹789.30 (1.618 Fibonacci extension).
Key Levels:
Support: ₹480.30 (Fibonacci 1.0 retracement)
Resistance: ₹514.25 (Fibonacci 0.0 retracement)
Potential Targets: ₹671.35 (100% Fibonacci extension), ₹789.30 (1.618 Fibonacci extension)
Analysis: The current consolidation near the 0.618 Fibonacci retracement suggests the possibility of a bullish reversal. Traders should watch for signs of strong buying activity or bullish candlestick patterns that confirm the move higher. The key resistance levels and Fibonacci extensions offer attractive target
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