Reasons to go Long :
1. On a if we draw the 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. A chart pattern, (W pattern) is formed around 0.5 Fibonacci level.
3. In addition to this the stock gave a Trendline breakout.
4. Also there is a (marked with purple color), as the stock was facing resistance from this zone and after the breakout, it is providing support to the stock.