Swing / Positional opportunity in Zee Entertainment Limited
Go Long above 198.3 for Targets of 213.55, 228.95, 244.2, and 259.5 with SL 183
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 there is a Demand Zone (marked with a green rectangle ) around 0.618 Fibonacci level from which the stock is taking support and moving up.
4. In addition to this there was a Trendline that was providing resistance to the stock and now it has given breakout.
5. Also stock has made a bullish chart pattern (Double Bottom / W Pattern) around 0.618 Fibonacci level.
6. Volume is also increasing from past 3 - 4 days.
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 there is a Demand Zone (marked with a green rectangle ) around 0.618 Fibonacci level from which the stock is taking support and moving up.
4. In addition to this there was a Trendline that was providing resistance to the stock and now it has given breakout.
5. Also stock has made a bullish chart pattern (Double Bottom / W Pattern) around 0.618 Fibonacci level.
6. Volume is also increasing from past 3 - 4 days.
Order cancelled
Trade active:
Entry triggered on 24 May 2021
Trade closed: target reached:
Target 1 achieved on 27 May 2021
Trade closed: target reached:
Target 2 achieved on 15 June 2021