Morepenlab Swing Trade

I have used SMA 44, Simple Support and Resistance tools and Trend Based Fibonacci Extension to do Technical Analysis of NSE:MOREPENLAB

Trend : SMA 44 and SMA 200 is Rising. So its an Advancing Trend.

Area of Value: It is observed that the Price always takes support near SMA 44. So Price near SMA44 is a good Area of Value.

Entry: Since Rs . 64.75 is supported by SMA 44 and Support is being made here ( observe the Support blue line). Also RSI reverses from 47 into an uptrend. An Entry may be considered at Rs . 64.75.A

Target: Using Trend Based Fibonacci Extension , a Target of Rs . 79 is fixed.

Stop Loss : Stop loss should be fixed below the previous support. Using this method Stop Loss of Rs . 56/- is arrived at.