Go Long above 544.1 for Targets of 570.5, 596.9, 623.3 and 649.7 with SL 517.7
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 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 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.
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 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 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.
Order cancelled:
SL got hit before triggering our Buy price, so we will not trade on this setup.