Naukari - Fibonacci Daily Timeframe AnalysisNaikari has been on an upward trend since March 2023, following a Fibonacci trend-based retracement over a longer duration.
Fibonacci trend-based duration: Start - March 2020, End - March 2023
Stock Behaviour:
- The stock is following Fibonacci trend-based extension levels.
- It is currently trading at Level 1 of the trend-based Fibonacci extension, which acts as resistance at 9,100.
- The stock has formed a rounding bottom technical pattern, which started in October 2021 and completed in September 2024.
- The total height of the base to the bottom is 4,100 points.
Expectations:
- The stock is expected to face resistance at Fibonacci Level 1 @ 9,100.
- It may retrace to retest the 20 EMA on the daily timeframe at 8,400.
- Lower levels to monitor:
L1 - 8,400
L2 - 7,850 (Fibonacci Level 0.7)
- Once the resistance level at 9,100 is broken with volume, the stock is expected to test:
Target L1 - 11,600 (Rounding bottom pattern target)
Target L2 - 12,700 (Fibonacci Level 1.618)