FEDERAL BANK LTDLong
Swing Opportunity in Federal Bank
Updated
Go Long above 80.6 for Targets of 83.05, and 85.5 with SL 78.15
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 candlestick pattern ( Bullish Hammer ) marked with the orange color is formed around 0.618 Fibonacci level.
3. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
4. 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 candlestick pattern ( Bullish Hammer ) marked with the orange color is formed around 0.618 Fibonacci level.
3. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
4. The stock may go up to the trendline where it may face resistance.
Trade active
Entry triggered on 22 Sep 2021Trade closed: target reached
Both Targets achieved on 30 Sep 2021
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