Long
Swing Opportunity in Motherson Sumi
Go Long above 221.6 for Targets of 235, 248.4, and 261.8 with SL 208.2
Reasons to go Long :
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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. Also 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. In addition to this the stock has given Trendline breakout.
Reasons to go Long :
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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. Also 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. In addition to this the stock has given Trendline breakout.
Trade active
Entry triggered on 17 Sep 2021Trade closed: target reached
Target 1 achieved on 28 Sep 2021Trade closed: target reached
Target 2 achieved on 11 Oct 2021
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