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CENTURY TEXTILES LTD – Technical Analysis

TECHNICAL ANALYSIS

We have seen earlier in Century textiles that it took resistance of 831-832 on 2nd August 2021 earlier and retraced from that point and made a swing low of 742 on 11th August 2021, as clearly seen in the daily time frame in a candlestick chart, acting as a support this time. Now, again it is up and now trading @816-817.

We have seen earlier that Century Textiles Stuck in a resistance zone and faced multiple resistances on 516 earlier on 2nd March, 9th March, 10th March, 12th March, 20th May, 25th May, 26th May and 27th May 2021 after that we see a breakout on 8th June moving the stock approx. 300 Points and making a high of 834 which is approx – 61% ROI in less than a span of 2 months.

NOW, WHAT NEXT?

We believe that when the bulls will take the stock above 831-832 with a heavy volume and if it sustains above that level after the successful breakout then we could see next 991 and then 1061 levels very soon in Century Textiles ad per the technical charts as shown below

AS PER FIBONACCI LEVELS

Stock is trading in between 0.786 and 1 Fibonacci levels and it shows that level 1(ie. 100%) is at 831 and chances of retrace from that point and back is 0.786 or 78.6% @ 700

And if it successfully breaks and sustains above 831 then we can see 1208 levels before its next retrace level as shown in the image below

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