Positional or Longterm Opportunity in Bank of Maharashtra
Updated
Go Long above 17.95 for Targets of 20.9, 23.85, and 26.8 with SL 15
Reasons to go Long :
1. On a Monthly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support around the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Additionally 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. In addition to this the stock gave Trendline breakout on a Monthly timeframe.
Reasons to go Long :
1. On a Monthly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support around the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Additionally 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. In addition to this the stock gave Trendline breakout on a Monthly timeframe.
Trade active
Trade closed: target reached
All targets achieved.
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