Go Long above 29.45 for Targets of 31.2 and 32.95 with SL 27.7
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 from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. In addition to this, a Bullish Candlestick pattern (Bullish Engulfing) around 0.5 Fibonacci level.
4. Also there is a Demand Zone (marked with purple color), as the stock was facing resistance from this zone and after the breakout, it is providing support to the stock.
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 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. In addition to this, a Bullish Candlestick pattern (Bullish Engulfing) around 0.5 Fibonacci level.
4. Also there is a Demand Zone (marked with purple color), as the stock was facing resistance from this zone and after the breakout, it is providing support to the stock.
Order cancelled:
SL got hit before triggering our buy price. So we will not trade on this setup