Positional or Longterm Opportunity in Sheela Foam Ltd

Nimish_Ghagare Updated   
Go Long above 1203.35 for Targets of 1286.7, 1370.05, and 1453.4 with SL 1120

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. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.

3. In addition to this 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.
Trade closed: stop reached

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