Nimish_Ghagare

Swing Opportunity in Union Bank

Long
NSE:UNIONBANK   UNION BK OF INDIA
Go Long above 35.1 for Targets of 36. 05 and 37 with SL 34.15

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 0.5 Fibonacci level.

2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.

3. A bullish candlestick pattern ( Bullish Hammer ) and ( Bullish Harami) marked with the orange color is formed around 0.5 Fibonacci level.

4. Also there is a support zone (marked with purple color), from which the stock is taking support and moving up.

5. The stock can go up to the trendline where it may face resistance.
Order cancelled: SL got hit before triggering our entry, so we will not trade on this setup.

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