Positional or Longterm Opportunity in CIE India
Go Long above 488 for Targets of 511.8, 535.6, and 559.4 with SL 464.2
Reasons to go Long:
1. On a Weekly timeframe the stock gave Trendline breakout.
2. If we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.618 Fibonacci level.
Reasons to go Long:
1. On a Weekly timeframe the stock gave Trendline breakout.
2. If we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.618 Fibonacci level.
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