Go Long above 300.55 for Targets of 308.8, 317.05, 325.3, 333.55, and 341.8 with SL 292.3
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. A bullish candlestick pattern (Bullish Inverted Hammer), marked with the orange color is formed around 0.5 Fibonacci level.
4. Also there is a strong demand zone (marked with purple color), from which the stock is taking support and moving up.
5. The stock can go up to the trendline where it may face resistance.
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. A bullish candlestick pattern (Bullish Inverted Hammer), marked with the orange color is formed around 0.5 Fibonacci level.
4. Also there is a strong demand zone (marked with purple color), from which the stock is taking support and moving up.
5. The stock can go up to the trendline where it may face resistance.
Trade closed: stop reached:
SL hit on 17 Aug 2021