LTI long opportunity

$NSE:LTI

Stock -> LTI
TimeFrame -> Weekly

Hello all!
LTI has been moving in a pole and flag pattern. It fell to its support in May 2022 and showed a strong bounceback in July 2022, thus also breaking the flag. This I believe presents a good opportunity to go long!

There are multiple other factors that strengthen my conviction on going long:
-The bounceback came off of the golden Fibonacci zone.
-The stock took support from its 200-week EMA.
-The golden zone coincides with the support zone.

Risk-averse traders should wait for a strong closing above the blue line as the stock will start trading above the nearest swing high and also the 50-week EMA.

*NOT A CALL*

#LTI #technicalanalysis #stocktrading #swingtrading #nifty #markets #trading #investing #ema