Positional or Longterm Opportunity in BATA
Go Long above 1748.8 for Targets of 1890.15, 2031.5, and 2172.85 with SL 1607.45
Reasons to go Long :
1. On a Weekly 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 Harami (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
4. In addition to this 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.
Reasons to go Long :
1. On a Weekly 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 Harami (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
4. In addition to this 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.
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