Go Long above 85.4 for Targets of 90.75, and 96.1 with SL 80.05
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 0.5 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around 0.5 Fibonacci level.
3. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
4. In addition to this there is a strong trendline (marked with green color), which is providing support to the stock.
5. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it and thus the stock is forming ascending channel pattern.
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 0.5 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around 0.5 Fibonacci level.
3. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
4. In addition to this there is a strong trendline (marked with green color), which is providing support to the stock.
5. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it and thus the stock is forming ascending channel pattern.
Trade active:
Entry triggered on 3 Nov 2021
Trade closed: stop reached:
SL hit 22 Nov 2021