Positional or Longterm opportunity in MCX
Go Long above 1317.05 for Targets of 1491.1, 1665.15, and 1839.2 with SL 1143
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 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around the 0.618 Fibonacci level.
3. 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 the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
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