Stock have given breakout with above avg. volume.
The candles which have formed in last few sessions are bearish
but looks weaker as there is continues decrease in volumes.
This means sellers are not that powerful at these levels now.
While using Fibonacci, applying top to bottom, I see that it have tested 0.61 level.
Which means there's high probability of trend reversal.
Yes, it's strong fibo resistance and hard to break it with first attempt.
It did took resistance and now retraced.
This small pullback can generate a good potential to break the resistance.
Also bullish engulfing at bottom.
These are the multiple points that I saw.
This is risky setup cause
1) it's very smallcap
2) Not very good breakout candle.
This analysis is done by me, all on my own.
This post is for information purpose only, don't consider it as call.
Just sharing what I see on charts.
The candles which have formed in last few sessions are bearish
but looks weaker as there is continues decrease in volumes.
This means sellers are not that powerful at these levels now.
While using Fibonacci, applying top to bottom, I see that it have tested 0.61 level.
Which means there's high probability of trend reversal.
Yes, it's strong fibo resistance and hard to break it with first attempt.
It did took resistance and now retraced.
This small pullback can generate a good potential to break the resistance.
Also bullish engulfing at bottom.
These are the multiple points that I saw.
This is risky setup cause
1) it's very smallcap
2) Not very good breakout candle.
This analysis is done by me, all on my own.
This post is for information purpose only, don't consider it as call.
Just sharing what I see on charts.