Go Long above 1519.6 for Targets of 1561.2, and 1602.8 with SL 1478
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. The stock was facing resistance from the trendline earlier and now after giving breakout, the trendline is acting as a support.
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. The stock was facing resistance from the trendline earlier and now after giving breakout, the trendline is acting as a support.
Trade active:
Entry triggered on 15 June 2021
Trade closed: stop reached:
SL hit on 18 June 2021