Go Long above 1161.1 for Targets of 1262.2, 1363.3, 1464.4, and 1565.5 with SL 1060
Reasons to go Long :
1. On a Monthly 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. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 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.
4. On a Daily timeframe if we draw the Fibonacci retracement tool from recent swing low to recent swing high then we see stock took support from 0.618 Fibonacci level & a bullish candlestick pattern Bullish Inverted Hammer is formed around 0.618 Fibonacci level.
5. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.
Reasons to go Long :
1. On a Monthly 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. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 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.
4. On a Daily timeframe if we draw the Fibonacci retracement tool from recent swing low to recent swing high then we see stock took support from 0.618 Fibonacci level & a bullish candlestick pattern Bullish Inverted Hammer is formed around 0.618 Fibonacci level.
5. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.