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Angelbroking

Angel One Breaking Key Resistance Level Amid Leadership ChangeAngel One Ltd (NSE: ANGELONE) has witnessed a sharp upward movement, with today’s price action breaking past the key Fibonacci retracement level of ₹2,968 (61.8%) after bouncing off the support near ₹2,600. The recent appointment of Arief Mohamad as the Chief Business Officer - Direct Business could be a key factor boosting investor confidence, triggering this strong bullish momentum. Key observations: The stock is trading above its 20-day, 50-day, and 200-day moving averages , indicating strong bullish sentiment. Immediate resistance is seen around ₹3,187 (next Fibonacci level) , while strong support rests at ₹2,749 (38.2% retracement level). RSI is hovering near 70, showing an overbought condition. A pullback may be expected, but if momentum continues, a breakout toward ₹3,400 is possible. This move shows the potential for further upside, though caution is advised with the RSI entering overbought territory. Traders might want to watch closely for a potential pullback or consolidation in the near term.
NSE:ANGELONE
by AngshumanSaikia
ANGELONETechnicals: 1) In October 2023, the stock of Angel One broke out from a consolidation range that had been forming over more than 27 months. 2) It increased by over 95% from its original price and has since retraced back to almost the same consolidation range. 3) Currently, according to Fibonacci analysis also, it is retesting the Golden ratio levels and 4) i have not done any fundamental analysis on Angel One Ltd apart from being aware of the reasons for its fall from Oct'23. Please add any points if I missed out on any vital technical aspect to enlighten myself in the process of learning
NSE:ANGELONE
by Prasad_Chenchu