Positional or Longterm Opportunity in Alkem LabGo Long above 3389.9 for Targets of 3671.95, and 3954 with SL 3107.85
Reasons to go Long :
1. On a Weekly 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 0.382 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.382 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.
