Long
Swing Opportunity in Shriram Transport
Updated
Go Long above 1449.05 for Targets of 1498.35, 1547.65, and 1596.95 with SL 1399.75
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. Also a bullish candlestick pattern Bullish Hammer & Bullish Inverted Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this, there is a strong trendline (marked with green color), which is providing support to the stock.
4. 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.
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. Also a bullish candlestick pattern Bullish Hammer & Bullish Inverted Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this, there is a strong trendline (marked with green color), which is providing support to the stock.
4. 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.
Trade active
Entry triggered on 2 Dec 2021
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