Positional or Longterm Opportunity in Shilpa Medicare
Go Long above 442.45 for Targets of 497.9, 553.35 and 608.8 with SL 387
Reasons to go Long :
1. On a Daily 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. A bullish chart pattern, Double Bottom (W pattern) is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock 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 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. A bullish chart pattern, Double Bottom (W pattern) is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock 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.