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.
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.
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:
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