Go Long above 4526.9 for Target 4741.75 with SL 4312.05
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 0.618 Fibonacci level.
2. A bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.618 Fibonacci level.
3. Also there is a Demand Zone (marked with a green rectangle ) around 0.618 Fibonacci level from which the stock is taking support and moving up.
4. Also the stock is forming a bullish chart pattern ( Double Bottom / W Pattern) around 0.618 Fibonacci level.
5. In addition to this there is a trendline that is providing resistance to the stock. Our target is just below the trendline. Also, this trendline is tested multiple times and if the stock gives a trendline breakout in future then we can expect higher targets as well.
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 0.618 Fibonacci level.
2. A bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.618 Fibonacci level.
3. Also there is a Demand Zone (marked with a green rectangle ) around 0.618 Fibonacci level from which the stock is taking support and moving up.
4. Also the stock is forming a bullish chart pattern ( Double Bottom / W Pattern) around 0.618 Fibonacci level.
5. In addition to this there is a trendline that is providing resistance to the stock. Our target is just below the trendline. Also, this trendline is tested multiple times and if the stock gives a trendline breakout in future then we can expect higher targets as well.
Trade active:
Entry triggered on 27 May 2021.
Trade closed: target reached:
Target achieved on 10 June 2021.