Swing Trade in Marico
Updated
Only for Educational Purpose.
Go Long above 396.3 for Target 413.45 with SL 379.1
Reasons :
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 engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. Also there is a demand/supply zone (marked with a blue rectangle ) around 0.5 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
So there is a high possibility that stock will show upmove and we have placed our target just below the resistance level (marked with a red rectangle).
Go Long above 396.3 for Target 413.45 with SL 379.1
Reasons :
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 engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. Also there is a demand/supply zone (marked with a blue rectangle ) around 0.5 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
So there is a high possibility that stock will show upmove and we have placed our target just below the resistance level (marked with a red rectangle).
Trade active
Entry triggered today (22 March 2021). Hold for Target.Trade closed: target reached
Target Achieved.
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