A long position can be taken based on the following observations
1) A Strong bullish divergence can be observed on the MACD indicator.
2) A Double bottom can be observed at current price levels.
3) Stock is trading near EMA 200 and has a strong possibility of reversal.
4) Stock is trading near S1 level on Fibonacci Pivot.
Long position may be taken at S1 Level of Fibonacci Pivot at around 416.45 with stop loss at S2 Level and first target at Pivot Base Level
This will provide approximately 1:2 Risk to Reward ratio.
1) A Strong bullish divergence can be observed on the MACD indicator.
2) A Double bottom can be observed at current price levels.
3) Stock is trading near EMA 200 and has a strong possibility of reversal.
4) Stock is trading near S1 level on Fibonacci Pivot.
Long position may be taken at S1 Level of Fibonacci Pivot at around 416.45 with stop loss at S2 Level and first target at Pivot Base Level
This will provide approximately 1:2 Risk to Reward ratio.