Positional or Longterm Opportunity in Motherson
Go Long above 93.95 for Targets of 105.65, and 125.15 with SL 90.05
Reasons to go Long:
1. On a weekly timeframe if we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.382 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 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.
Reasons to go Long:
1. On a weekly timeframe if we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.382 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 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.
Trade active
Trade closed: target reached:
Target 1 achieved
Trade closed: target reached:
Target 2 achieved