Positional or Longterm Opportunity in Ashoka
Go Long above 87.3 for Targets of 97.1, 106.9, and 116.7 with SL 77.5
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed.
3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. Also the stock gave a trendline breakout.
5. Also the stock formed a Bullish chart pattern Double Bottom (marked with a dotted line).
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed.
3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. Also the stock gave a trendline breakout.
5. Also the stock formed a Bullish chart pattern Double Bottom (marked with a dotted line).
Trade active:
Stock triggered our Buy price on 4th Jan 2023.