Go Long above 1715.9 for targets of 1777.4, 1838.85, and above with SL 1654.5
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 0.5 Fibonacci level.
2. Also a bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. Also there is a demand/ supply zone (marked with a blue rectangle ) around 0.5 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
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 0.5 Fibonacci level.
2. Also a bullish candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. Also there is a demand/ supply zone (marked with a blue rectangle ) around 0.5 Fibonacci level from which initially the stock was facing resistance in this zone and now this zone will act as support to the stock.
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