Swing Opportunity in Union Bank

Go Long above 35.55 for a Target of 36.9 with SL 34.2

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 candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.618 Fibonacci level.

3. Also the stock is forming a bullish chart pattern ( Double Bottom / W Pattern) around 0.618 Fibonacci level.

4. In addition to this there is a Trendline providing support to the stock (marked with green color). Our Target is placed just below the Trendline providing resistance to the stock (marked with red color).

5. If the stock gives a breakout then we can expect higher targets and the gap can also get filled.
Trade active: Entry triggered on 03 June 2021
Trade closed: target reached: Target 1 achieved on 08 June 2021.


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