Swing Opportunity in Power Finance Corporation Ltd
Go Long above 119.35 for Targets of 125.5, 131.65, and 137.8 with SL 113.2
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 0.618 Fibonacci level.
2. The stock formed a bullish chart pattern, Inverted Head & Shoulder.
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. In addition to this there is a gap created which the stock can try to fill it once the neckline of inverse head & shoulder pattern gets broken.
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. The stock formed a bullish chart pattern, Inverted Head & Shoulder.
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. In addition to this there is a gap created which the stock can try to fill it once the neckline of inverse head & shoulder pattern gets broken.
Trade active:
Entry triggered on 24 May 2021
Trade closed: target reached:
Target 1 achieved on 07 June 2021. Now trail SL to Buy price for higher targets.
Trade closed: target reached:
Target 2 achieved on 9 June 2021.