Positional or Long term Opportunity in Shipping Corp Of India
Go Long @ 205.7 for Targets of 241.1 and 276.5 with SL 188
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. Besides, a bullish candlestick pattern Bullish Hammer (marked with orange) is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color) which supports the stock.
4. In addition to this there is a strong support zone (marked with purple) from which the stock is taking support.
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. Besides, a bullish candlestick pattern Bullish Hammer (marked with orange) is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color) which supports the stock.
4. In addition to this there is a strong support zone (marked with purple) from which the stock is taking support.
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