Go Long above 335.7, Target 346.5, and 357.3 with SL 324.9
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 0.618 Fibonacci level.
3. Also there is a strong demand/supply zone as the stock is initially facing resistance from this level and after the breakout, this level is now acting as support.
4. In addition to this there is a trendline (marked with green color) that is providing support to the stock. Our first target is just below the resistance trendline (marked with red color), there are high chances of hitting it and if stock gives breakout then our target 2 also can be achieved.
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 0.618 Fibonacci level.
3. Also there is a strong demand/supply zone as the stock is initially facing resistance from this level and after the breakout, this level is now acting as support.
4. In addition to this there is a trendline (marked with green color) that is providing support to the stock. Our first target is just below the resistance trendline (marked with red color), there are high chances of hitting it and if stock gives breakout then our target 2 also can be achieved.
Comment:
The stock now formed a Bullish Engulfing around 0.382 Fibonacci level. So now go long above 335 for a Target of 347.5 with SL 322.5
Trade closed: target reached:
Target achieved on 15 July 2021