Go Long above 709.3 for the target of 727.45 and above with SL of 691.1
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 that stock is taking support of 0.618 Fibonacci Level.
2. Also a bullish hammer (circled with orange color) is formed at 0.618 Fibonacci Level.
3. In addition to this there is a Support / Resistance zone around 0.618 Fibonacci Level also called a Demand zone marked with a green rectangle .
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 that stock is taking support of 0.618 Fibonacci Level.
2. Also a bullish hammer (circled with orange color) is formed at 0.618 Fibonacci Level.
3. In addition to this there is a Support / Resistance zone around 0.618 Fibonacci Level also called a Demand zone marked with a green rectangle .
Trade active
Trade closed: target reached