Go Long above 1128.4 for Targets of 1195.8, 1263.2, and 1330.6 with SL 1061
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 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. A bullish candlestick pattern ( Bullish Engulfing ) marked with the orange color is formed around 0.618 Fibonacci level.
4. Also 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.
5. In addition to this the stock is forming an ascending channel pattern.
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 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. A bullish candlestick pattern ( Bullish Engulfing ) marked with the orange color is formed around 0.618 Fibonacci level.
4. Also 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.
5. In addition to this the stock is forming an ascending channel pattern.
Trade active:
Entry Triggered on 28 Sep 2021
Trade closed: target reached:
Target 1 achieved on 04 Oct 2021.
Trade closed: target reached:
Target 2 achieved on 26 Oct 2021.