Positional or Longterm Opportunity in Syngene
Go Long @ 697.1.1 for Targets of 758.05, 819, and 879.95 with SL 636.15
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 Hammer (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Also the stock had given Trendline (marked with green color) breakout & retested and took support from it.
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 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Also the stock had given Trendline (marked with green color) breakout & retested and took support from it.
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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