Only for Educational Purpose :
Go Long above 1351.4 for the target of 1381.9 with SL 1321
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 0.618 Fibonacci level.
2. Also a bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.618 Fibonacci level.
3. Also there is a demand/ supply zone (marked with a blue rectangle) around 0.618 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
Go Long above 1351.4 for the target of 1381.9 with SL 1321
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 0.618 Fibonacci level.
2. Also a bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.618 Fibonacci level.
3. Also there is a demand/ supply zone (marked with a blue rectangle) around 0.618 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
Trade active:
Entry triggered on 27 April 2021
Trade closed: stop reached:
SL Hit