Go Long above 4685.05 for Targets of 5080.1 and 5475.15 with SL 4290
Reasons to go Long :
1. On a Weekly 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. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
4. 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 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. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
4. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.