In the recent update, we can see a breakout in Tata Power where it crossed its previous all-time high of 159.20 levels on a one-day candlestick chart (30th Sep).
If we observe here in the chart then we can see that the stock has continued the uptrend after it crossed 117 levels which is its support and resistance level on 08th June. After taking support there it continued the trend and crossed all time high levels of 159.20.
What do we expect next?
It’s a very good signal for breakout Traders who want to get a new entry in this stock after taking its next support for another bullish move as shown in the image.
As Per Fibonacci Levels
As per Fibonacci levels, there is a buying opportunity above 184.75 which is 0.0 Levels in Fibonacci Retracement levels. There is retracement from 184.75 levels again to 159.40 levels. If we get a breakout above 184.75 level then we can see 257.90 levels i.e., 1.618 levels according to Fibonacci Retracement levels as shown in the image below.