Go Long above 516.1 for Targets of 540.75, 565.4, 623.3, and 590.05 with SL 491.45
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 around 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 demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. The stock may go till the supply zone (marked with red color) where it may face resistance. Our final target is 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 around 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 demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. The stock may go till the supply zone (marked with red color) where it may face resistance. Our final target is just below this zone.
Trade active:
Entry Triggered on 30 Sep 2021
Trade closed: stop reached:
SL hit on 22 Oct 2021.