Nimish_Ghagare

Swing Trade in GodrejCP

Long
NSE:GODREJCP   GODREJ CONSUMER PR
Only for Educational Purpose.

Go Long above 677.6 for target 709.15 with SL 646.15

Reasons :

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. Also a bullish candlestick pattern, bullish engulfing (marked with dark blue circle) is formed at 0.5 Fibonacci level.

3. Also there is a strong support zone (marked with a green rectangle ) around 0.5 Fibonacci level from which the stock took to support and moved up.

So there is a high possibility that stock will show upmove and we have placed our target just below the resistance level (marked with a red rectangle ).
Trade active: Entry triggered today (22 March 2021). Hold for Target 1.
Trade closed: target reached: The target of 709.15 is achieved. Safe Traders can book profits. Aggressive traders can partially book profits and trail SL for RR 1:2. Long-term traders can hold.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.