Go Long above 35.85 for Target 38.1, 40, 42, 44 with SL 33.6
Reasons :
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. Also a bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. Also there is a demand/ supply zone (marked with a blue rectangle ) around 0.5 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
Reasons :
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. Also a bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. Also there is a demand/ supply zone (marked with a blue rectangle ) around 0.5 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
Trade active:
Entry Triggered Today (07 April 2021).
Trade closed: target reached:
Target 1 of 38.1 Achieved. Now exit partially and trail rest qty for higher targets by keeping SL as buy price.