"Mirc electronic" Ready to run after Profit booking

"Mirc Electronic" looks positive in Daily chart with forming Higher High's and Higher Low's. According to that the prices are having bull run. Now, going to Intraday 1 hour chart we can see that there is a Trend Line support at current market price indicating that prices may recover from current levels. Adding to that we, Secondly, Usage of Fib Retracement of very recent move in Hourly chart suggest that prices have corrected from its peak and taken trading at it's key support level of 61.8% of Retracement which is most trusty indicator for reversal movement.

RSI , which is used to to identify the strength of market and divergence can be seen in latest candles says that prices are strengthening around those levels.

A long can b initiated around CMP with putting STOP LOSS of previous low according to Daily chart around 47 with a TARGET of 74.

Theory mentioned above is purely according to my Knowledge and may vary. This is not a recommendation and taken position according would be your personal call only.
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