Swing Opportunity in Ceat

Nimish_Ghagare Updated   
Go Long above 1337.1 for Targets of 1370.2 and 1403.3 with SL 1304

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. Also there is a support zone (marked with green color), from which the stock is taking support and moving up.

4. The stock can go up to the trendline where it may face resistance.
Order cancelled: SL got hit before triggering our entry, so we will not trade on this setup.

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