Swing Opportunity in Navin Fluorine
Updated
Go Long above 3495.1 for Targets of 3719, and 3942.9 with SL 3271.2
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. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.
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. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.
Trade active
Entry triggered on 3 Nov 2021Trade closed: stop reached
SL hit on 22 Nov 2021
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