Positional or Longterm Opportunity in VMart
Go Long above 2184.1 for Targets of 2874.25, 3334.35, and 3564.4 with SL 1954.05
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 from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing pattern is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock 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 from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing pattern is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
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