BCL is currently trading around its 200-day SMA and shows promising signs of a trend reversal. The MACD is below the zero line but nearing a bullish crossover, with the bearish histogram fading and potentially turning positive. Additionally, the stock is hovering above the 0.618 Fibonacci retracement level from Rs. 39.01 to Rs. 172.20, suggesting a potential recovery towards the 0.5 Fibonacci level at Rs. 105.87 and the 0.382 level at Rs. 121.64 (which aligns with the 50-day SMA). For a long position, consider entering as the recovery seems likely, with a stop loss set just below the previous low at Rs. 80.
Note
Testing 0.618 Fib level, sustaining above shifts bullish reversal
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.