OLA ELEC – Weekly Analysis | Possible Double Bottom + Fibonacci

Price Zone of Interest: ₹39–₹41
Stop-Loss (Weekly Close Basis): ₹34
Timeframe: Weekly
Bias: Potential Long Setup (High Risk, Technically Driven)

Entry / SL / Targets
🟢 Entry Zone (Accumulation Zone):
✔ ₹39–₹41

🔴 Stop-Loss (Strict Weekly Close):
✔ ₹34
Below this, the double-bottom pattern fails.

🎯 Potential Upside Targets:
T1: ₹54
T2: ₹63–64
T3: ₹70
T4: ₹78

Upside targets depend on weekly momentum and volume confirmation.

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Key Technical Observations
1. Double Bottom Structure Forming

Price has returned to the strong demand zone around ₹39–₹41, which previously acted as a key swing low.
A double bottom is possible if the stock holds this level on a weekly closing basis.

A confirmed weekly reversal candle here increases the probability of a bounce.

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Fibonacci Behavior (Weekly) – Pattern Repeating

When applying Fibonacci retracements on the previous weekly downswings:

1st Downtrend Retracement: Price reversed at the 0.382 level

2nd Downtrend Retracement: Price reversed at the 0.50 level

This shows that the stock has been respecting mid-Fibonacci retracements during corrective moves.

If a bounce starts from the same zone again, the next fib levels act as natural upside targets.