Nimish_Ghagare

Swing Opportunity in Shree Cement

Long
NSE:SHREECEM   SHREE CEMENT LTD
Go Long above 26560.1 for Targets of 27370.55, 28181, and 28991.45 with SL 25749.65

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 0.618 Fibonacci level.

2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.

3. Also 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.

4. The stock can go up to the resistance zone (marked with purple color) & trendline where it may face resistance.
Trade active: Entry triggered on 26 Aug 2021
Trade closed: target reached: Target 1 achieved on 30 Aug 2021
Trade closed: target reached: Target 2 achieved on 31 Aug 2021
Trade closed: target reached: Target 3 achived on 02 Sep 2021

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