Swing Trade in Godfrey Philips
Updated
Go Long above 891.8 for a Target of 938.4 with SL 845.
Reasons to go Long :
1. On a daily timeframe if we draw Fibonacci Retracement from the recent lowest swing low (Point A) to the recent highest swing high (Point B), we see that the stock is taking support from 0.618 Fibonacci level.
2. Also the stock has formed a bullish candlestick pattern - Bullish Hammer (marked with an orange circle) on 0.618 Fibonacci level.
3. In addition to this stock bounced back from its recent support zone marked with a green rectangle.
Reasons to go Long :
1. On a daily timeframe if we draw Fibonacci Retracement from the recent lowest swing low (Point A) to the recent highest swing high (Point B), we see that the stock is taking support from 0.618 Fibonacci level.
2. Also the stock has formed a bullish candlestick pattern - Bullish Hammer (marked with an orange circle) on 0.618 Fibonacci level.
3. In addition to this stock bounced back from its recent support zone marked with a green rectangle.
Trade active
Entry triggered today (30 March 2021).Trade closed: stop reached
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