Go Long above 701.65 for Targets of 739.35, and 772.5 with SL 673.05
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
4. The stock may go up to the resistance zone (marked with red color) where it may face resistance so we have kept our final target just below this zone.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
4. The stock may go up to the resistance zone (marked with red color) where it may face resistance so we have kept our final target just below this zone.
Trade active:
Entry triggered on 2 Nov 2021