DCB BANK LTDLong
Swing Opportunity in DCB Bank
Updated
Go Long above 88.65 for Targets of 93.75, 98.85, and 103.95 with SL 83.55
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 green color), from which the stock initially faced resistance but now is taking support and moving up.
5. The stock may 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 0.618 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 green color), from which the stock initially faced resistance but now is taking support and moving up.
5. The stock may go up to the trendline where it may face resistance.
Trade active
Entry triggered on 30 Aug 2021Trade closed: target reached
Target 1 achieved on 01 Sep 2021
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