Positional Opportunity in Cochin Shipyard
Go Long above 379.85 for Targets of 402.4 and 344.3, and 424.95 with SL 357.3
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 0.382 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. Also there is a strong support zone (marked with green color), from which the stock is taking support and moving up.
4. There is a resistance zone (marked with red color) from which the stock may face resistance, so we have placed our final target just below this zone.
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 0.382 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. Also there is a strong support zone (marked with green color), from which the stock is taking support and moving up.
4. There is a resistance zone (marked with red color) from which the stock may face resistance, so we have placed our final target just below this zone.
Order cancelled:
SL hit before triggering our buy price