Positional or Longterm Opportunity in Lal Path Lab
Go Long above 2699.1 for Targets of 3134.8, 3570.5, and 4006.2 with SL 2263.4
Reasons to go Long :
1. On a Weekly 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. In addition to this a bullish candlestick pattern Bullish Engulfing (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.
Reasons to go Long :
1. On a Weekly 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. In addition to this a bullish candlestick pattern Bullish Engulfing (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.