Go Long above 1489.3 for a Target of 1558.55 with SL 1420.05
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 0.382 Fibonacci level.
2. A bullish candlestick pattern, Bullish Hammer (marked with an orange circle) is formed at 0.382 Fibonacci level.
3. In addition to this the stock is trading in an ascending channel and our target is just below the upper trendline of the channel, so there is a high possibility that the stock hits our target.
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 0.382 Fibonacci level.
2. A bullish candlestick pattern, Bullish Hammer (marked with an orange circle) is formed at 0.382 Fibonacci level.
3. In addition to this the stock is trading in an ascending channel and our target is just below the upper trendline of the channel, so there is a high possibility that the stock hits our target.
Trade active:
Entry triggered on 21 June 2021
Trade closed: target reached:
Target achieved on 13 July 2021