Positional or Longterm Opportunity in MFSL

Nimish_Ghagare Updated   
Go Long above 642.8 for Targets of 686.5, 730.2, 773.9, and 817.6 with SL 599.1

Reasons to go Long:

1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the all-time swing low (point A) to the all-time swing high (point B) then we see stock took support from the 0.618 Fibonacci level.

2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.

3. In addition to this 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. Lastly our final target is just below the resistance zone (marked with red color).
Trade closed: target reached:
All Targets achieved

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