"Kalyan Jewellers (KALYANKJIL): Fibonacci Targets After Breakout
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Kalyan Jewellers (KALYANKJIL) is at a critical juncture after confirming a bullish inverted head & shoulders breakout. The stock is currently retesting its neckline around ₹773.45, presenting a compelling risk-reward setup.
1.Pattern Formation:
->The inverted head & shoulders pattern is intact, signaling bullish momentum.
->Neckline at ₹773.45 acts as the key breakout level.
2.Fibonacci Targets:
->1.618 (₹812): Immediate target.
->2.618 (₹871) and 3.618 (₹929): Mid-term targets.
->4.236 (₹965): Extended target for strong bullish momentum.
3.Support Levels:
->₹724 (0.786 retracement): Strong support from Fibonacci and previous lows.
->Trendline Support: Indicates continued uptrend.
4.Risk-Reward Setup:
->Buy Zone: Sustained move above ₹773.45 with volume.
->Stop-Loss: ₹718.60 to minimize downside risk.
->Targets: ₹812, ₹871, ₹929, and ₹965.
Final Thoughts:
The stock is consolidating near its neckline, providing an opportunity for bullish traders to enter with defined risk. The Fibonacci levels align perfectly with the pattern targets, adding further confidence in the upside potential.
Are you tracking this breakout? Let us know your targets and stop-loss levels in the comments below!
1.Pattern Formation:
->The inverted head & shoulders pattern is intact, signaling bullish momentum.
->Neckline at ₹773.45 acts as the key breakout level.
2.Fibonacci Targets:
->1.618 (₹812): Immediate target.
->2.618 (₹871) and 3.618 (₹929): Mid-term targets.
->4.236 (₹965): Extended target for strong bullish momentum.
3.Support Levels:
->₹724 (0.786 retracement): Strong support from Fibonacci and previous lows.
->Trendline Support: Indicates continued uptrend.
4.Risk-Reward Setup:
->Buy Zone: Sustained move above ₹773.45 with volume.
->Stop-Loss: ₹718.60 to minimize downside risk.
->Targets: ₹812, ₹871, ₹929, and ₹965.
Final Thoughts:
The stock is consolidating near its neckline, providing an opportunity for bullish traders to enter with defined risk. The Fibonacci levels align perfectly with the pattern targets, adding further confidence in the upside potential.
Are you tracking this breakout? Let us know your targets and stop-loss levels in the comments below!
Trade fermée: ordre d’arrêt atteint
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