Go Long above 46.8 for Targets of 52.7, 55.65 and 58.6 with SL 43.85
Reasons to go Long:
1. On a daily timeframe the stock gave Trendline breakout.
2. If we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.5 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
Reasons to go Long:
1. On a daily timeframe the stock gave Trendline breakout.
2. If we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.5 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
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