The level of 1215 is a 3 year high for Symphony and it was taken out in the latest upmove which began from 820 in March 24 to a high of 1290 in June 2024 which is a move of 50% magnitude.
While the 1215 level should be an important milestone, we also have to consider some amount of retracement to the above mentioned rally as a normal event. Putting in retracement levels to the upmove from 820 to 1290, the low yesterday of 1106 co incides with a 38.2% retracement to the entire upmove. Yesterday amidst a weak market the stock price managed to post a bullish hammer candle. However these daily signals can often be erroneous. But in any major multiyear breakout, post the breakout a retest of the previous resistance is often seen and stock prices go even below that breakout level and then reverse. Something similar seems to be happening with Symphony in my view. I would keep an eye on daily charts to spot any signs of strong reversal from the short term downtrend on daily charts. If stock price keeps falling, we have to keep an appropriate stop loss and take action.
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