Swing Opportunity in Bank of India
Go Long above 82.1 for Targets of 91.1 and 100.1, with SL 73.1
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 candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. In addition to this, the stock is forming a symmetrical chart pattern and can give upside movement if the upper trendline breaks.
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 candlestick pattern, Bullish Engulfing (marked with an orange circle) is formed at 0.5 Fibonacci level.
3. In addition to this, the stock is forming a symmetrical chart pattern and can give upside movement if the upper trendline breaks.
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