Fibonacci Retracement: This is the Weekly technical chart of Adani Wilmar. After huge correction, now the stock price is in consolidation mode as it is making support at 0.786 level of fibonacci Retracement which is good buying opportunity. When the stock price tested 0.618 level of fibonacci retracement then it showed handsome rally towards 0.382 level and that was also a good trading opportunity. Always remember that profit booking at resistance levels also very importance. These levels of fibonacci retracement acts like both supports and resistance. Try to initiate buying around 0.618 and 0.786 levels because from these levels the chances of falling stock is very less.
Falling Channel: After making high of around 800 the stock continue to fall as we can see in the chart that stock price followed the falling channel. Trend line is the good way to find out the falling pattern and uptrend of any stock. Stock price gives the breakout of trend line around 0.786 level of fibonacci retracement which is the buy signal. We have also wait for the testing of trend line as we can see in the chart after breakout of trend line the stock price retest the trend line and show decent rally toward the 0.618 level of fibonacci retracement. Booking profit is importance at 0.618 level because this level is act as resistance and now stock is consolidation between 0.786 and 0.618 level where we can make position with some quantity and wait for the targets of 480 and 550.
W Pattern: W pattern is very helpful for chart reading. The first hammer is made at 0.786 level of fibonacci retracement and the stock price showed some upmove and then again down and made hammer which seems buyer are interested to buy this stock at this price and it looks W Pattern and finally the breakout of W Pattern is happened and stock move towards the 0.618 levels of Fibonacci retracement where stock price is around 478.