Go Long above 44.75 for Targets of 47.7, 50.65, and 53.6 with SL 41.8
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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also 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. The stock may go up to the Trendline (marked with red color) and face resistance. Our final target is just below this trendline
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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also 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. The stock may go up to the Trendline (marked with red color) and face resistance. Our final target is just below this trendline
Trade active:
Entry triggered on 16 Sep 2021
Trade closed: target reached:
All targets achieved on 17 Sep 2021