Go Long above 1495.65 for Target 1541 with SL 1450.5.
Reasons to go Long :
1. If we draw Fibonacci Retracement from recent swing low (Point A) to recent swing high (Point B) on a 2 Hr chart we see the stock is taking support of 0.618 Fibonacci level.
2. On 0.618 Fibonacci level the stock has made a bullish candlestick pattern (Inverted Hammer).
3. Around 0.618 Fibonacci level, we can see that the stock is forming double bottom (W pattern) which is bullish.
4. Also we are buying above 1495.65 which means after the trendline breakout. So our target will be till the upper trendline (marked with red).
Thus we are capturing the gap between the trendline.
Reasons to go Long :
1. If we draw Fibonacci Retracement from recent swing low (Point A) to recent swing high (Point B) on a 2 Hr chart we see the stock is taking support of 0.618 Fibonacci level.
2. On 0.618 Fibonacci level the stock has made a bullish candlestick pattern (Inverted Hammer).
3. Around 0.618 Fibonacci level, we can see that the stock is forming double bottom (W pattern) which is bullish.
4. Also we are buying above 1495.65 which means after the trendline breakout. So our target will be till the upper trendline (marked with red).
Thus we are capturing the gap between the trendline.
Trade active:
Entry triggered today (26 March 2021).
Trade closed: target reached:
Target Achieved. Long-term traders can hold, rest exit partially, and trail SL to Buy price for 1:2 Target.