Ceat Short Term View

Ceat:- Ceat had been trading in a falling channel from 2018 to Aug 2019. In August 2019 it had moved out from that channel. After this breakout, the volumes have been very low compared to the volumes before a breakout. This indicates that the price momentum doesn't have strength. Currently, the stock is trading a strong resistance zone where it is getting selling pressure. The 23.6% of the FIB RETRACEMENT from the high of 2018(2019) to the low of 2019(776) comes exactly into this resistance zone, which makes this zone a strong resistance area. The breakout of this zone will push the stock higher, before that no big moment is expected in this stock. Keep your eye on this stock.