Go Long above 1469.85 for Targets of 1514.05, 1558.05, and 1601.7 with SL 1425.85
Reasons to go Long :
1. If we draw Fibonacci Retracement from recent swing low (Point A) to recent swing high (Point B) on a 1-day chart we see the stock took support from 0.5 Fibonacci level and moved up.
2. On 0.5 Fibonacci level the stock has made a bullish candlestick pattern (Bullish Harami) and another bullish candlestick pattern (Bullish Engulfing) around 0.382 Fibonacci level.
3. Also we can see that the stock is forming double bottom (W pattern) which is bullish.
4. In addition to this there is a strong demand zone (marked with a green rectangle) around 0.5 Fibonacci level from which the stock is moving up.
Reasons to go Long :
1. If we draw Fibonacci Retracement from recent swing low (Point A) to recent swing high (Point B) on a 1-day chart we see the stock took support from 0.5 Fibonacci level and moved up.
2. On 0.5 Fibonacci level the stock has made a bullish candlestick pattern (Bullish Harami) and another bullish candlestick pattern (Bullish Engulfing) around 0.382 Fibonacci level.
3. Also we can see that the stock is forming double bottom (W pattern) which is bullish.
4. In addition to this there is a strong demand zone (marked with a green rectangle) around 0.5 Fibonacci level from which the stock is moving up.
Trade active:
Entry triggered on 14 May 2021
Trade closed: target reached:
Target 1 Achieved. Now trail SL to Buy Price and ride for higher targets
Trade closed: target reached:
Target 2 achieved on 20 May 2021
Trade closed: target reached:
Target 3 achieved on 26 May 2021