Confluence of Fibonacci 61.8% Retracement level + 200 Days EMA
Rally in CAMS after long consolidation of 4 months moved its price from 1800-2000 to 4000 along with some correction in July-Aug 2021. Along with bear phase of markets this stock was bound to correct.
Stock consolidated around 100 days EMA and 50% Fibonacci level attempted the upmove, however, price action was lacking the strength.
Long consolidation as if distribution at that level was still pending and it pushed the price further lower.
Price touched 200 days EMA close to 61.8% Fibonacci retracement level – it all made sense to take RISK and enter the position for swing trade. Another trigger was oversold RSI.

Trade taken on 15th Dec. 2021, however, stock moved further down to shrugg off the weak traders. We trusted our conviction and setup to remain intact in our position. Finally it paid off.
