Go Long above 291.9 for Targets of 316.05, 340.2 and 364.35 with SL 267.75
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Double Bottom (W) pattern is formed around the 0.618 Fibonacci level & a Bullish Hammer (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
4. Our final target is just placed below the resistance trendline (marked with red color)
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Double Bottom (W) pattern is formed around the 0.618 Fibonacci level & a Bullish Hammer (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
4. Our final target is just placed below the resistance trendline (marked with red color)
Trade closed: target reached:
All Targets achieved