Go Long above 618.95 for Targets of 667.85, 716.75, and 765.65 with SL 570.05
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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. 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.
4. The stock may go up to the resistance zone (marked with red color) where it may face resistance. Our Target 1 is just below this zone and if the price breaks this zone then higher levels can be seen.
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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. 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.
4. The stock may go up to the resistance zone (marked with red color) where it may face resistance. Our Target 1 is just below this zone and if the price breaks this zone then higher levels can be seen.
Order avbruten:
Stock formed bearish pole & flag pattern