Go Long above 3450.1 for Targets of 3633.7, and 3817.3 with SL 3266.5
Reasons to go Long :
1. On a daily 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 0.382 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.382 Fibonacci level.
4. Also 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.
5. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.
Reasons to go Long :
1. On a daily 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 0.382 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.382 Fibonacci level.
4. Also 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.
5. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.