Positional or Longterm Opportunity in Muthoot Finance
Go Long above 1058.1 for Targets of 1108.75, 1159.4, 1210.05, 1260.7, 1311.35, and 1362 with SL 107.45
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support around the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Additionally 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.
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support around the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Additionally 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.
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