Positional or Longterm Opportunity in Wipro

Nimish_Ghagare Updated   
Go Long above 469.7 for Targets of 496.2, 522.7, 549.2, 575.7, and 602.2 with SL 443.2

Reasons to go Long :

1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.5 Fibonacci level.

2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.5 Fibonacci level.

3. In addition to this 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
Trade closed: stop reached

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