Bank of Baroda - Potential Reversal with Fib Levels
The chart indicates a potential reversal for Bank of Baroda after a significant downtrend. The stock is currently testing the 0.78 Fibonacci retracement level, which aligns with a possible support zone around ₹242-₹245. A break above this level, particularly if it holds above ₹252, could see the stock move towards the next resistance at ₹265, followed by a possible extension to ₹276, which coincides with the 1.618 Fib extension.
However, a failure to sustain this level may result in a pullback towards ₹245 or even lower to ₹242, where the 1.0 Fibonacci retracement lies. Traders should watch for a breakout or breakdown with confirmation in volume.
Targets:
First Target: ₹265
Second Target: ₹276
Stop Loss:
Below ₹247
Risk management and close monitoring are crucial as the stock is in a sensitive zone.
However, a failure to sustain this level may result in a pullback towards ₹245 or even lower to ₹242, where the 1.0 Fibonacci retracement lies. Traders should watch for a breakout or breakdown with confirmation in volume.
Targets:
First Target: ₹265
Second Target: ₹276
Stop Loss:
Below ₹247
Risk management and close monitoring are crucial as the stock is in a sensitive zone.
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