Topic Statement:
Powergrid attempted a V-shaped recovery but faced stiff resistance near 300, limiting its rebound and keeping the stock under short-term pressure.
Key Points:
1. The stock received strong support at the 38.2% Fibonacci retracement level, triggering an upward attempt
2. It is currently blocked by heavy resistance at the 23.6% retracement level at 296
3. Price remains below the 50-day EMA, making it moderately undervalued for short-term accumulation
4. The stock is following a downward trendline and faces resistance as it approaches it, with a breakout above this trendline likely to initiate a bullish move
Powergrid attempted a V-shaped recovery but faced stiff resistance near 300, limiting its rebound and keeping the stock under short-term pressure.
Key Points:
1. The stock received strong support at the 38.2% Fibonacci retracement level, triggering an upward attempt
2. It is currently blocked by heavy resistance at the 23.6% retracement level at 296
3. Price remains below the 50-day EMA, making it moderately undervalued for short-term accumulation
4. The stock is following a downward trendline and faces resistance as it approaches it, with a breakout above this trendline likely to initiate a bullish move
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