Positional or Longterm Opportunity in Sanofi
Go Long above 7797.1 for Targets of 8158.95, 8520.8, and 762.75 with SL 8882.65
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. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
3. In addition to this the stock gave Trendline breakout (marked with green color) and now this Trendline is giving support to the stock.
4. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
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. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
3. In addition to this the stock gave Trendline breakout (marked with green color) and now this Trendline is giving support to the stock.
4. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
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