Positional or Longterm Opportunity in Godrej Properties
Go Long above 1177 for Targets of 1292.95, 1408.9, 1524.85, and 1640.80 with SL 1061.05
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the all-time swing low (point A) to the all-time swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this 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. Lastly it gave a Trendline breakdown & is trying to trap the sellers so it may try to hit the stop losses of the sellers where we have exactly placed our targets.
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the all-time swing low (point A) to the all-time swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this 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. Lastly it gave a Trendline breakdown & is trying to trap the sellers so it may try to hit the stop losses of the sellers where we have exactly placed our targets.
Trade closed: stop reached