Updated: NPL settling at 38.2% fibonacci level again!

Update (07/12/2023):

The share price of NPL bounced off the 0.38 Fib level on high volume which has sparked 4 consecutive green candles. The share price should rally further if it manages to break the resistance at its previous high of Rs. 32.70.

Original Article:

Nishat Power Limited (NPL) recently corrected to its 0.38 Fibonacci retracement level after making a 52-week high of Rs. 32.72. It looks to be consolidating around the 29.06 support level as shown in the chart below.

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The 0.38 Fibonacci level is significant as it is the same level that the price corrected to during its previous correction as shown below:

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →