Positional or Longterm Opportunity in DCM Shriram
Go Long above 965.1 for Targets of 1044.7, 1124.3, and 559.4 with SL 885.5
Reasons to go Long:
1. On a Monthly timeframe the stock gave Trendline breakout. The stock was initially facing resistance from this trendline but now is taking support.
2. If we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level & the Trendline.
Reasons to go Long:
1. On a Monthly timeframe the stock gave Trendline breakout. The stock was initially facing resistance from this trendline but now is taking support.
2. If we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level & the Trendline.
Trade active
Trade closed: target reached:
Target 1 & 2 achieved
Comment:
Target 3 is 1203.9