Go Long @ 6195.1.1 for Targets of 7060, 7550, and 8040 with SL 5700
Reasons to go Long :
1. On a Monthly 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 0.5 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong demand zone (marked with green color), from which the stock is taking support and moving up.
4. Also on a weekly timeframe stock has formed a double bottom (W) pattern.
Reasons to go Long :
1. On a Monthly 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 0.5 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong demand zone (marked with green color), from which the stock is taking support and moving up.
4. Also on a weekly timeframe stock has formed a double bottom (W) pattern.
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