Positional or Longterm Opportunity in Castrol
Go Long above 126.3 for Targets of 139.65, 153, and 166.35 with SL 112.95
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this the stock gave Trendline breakout on a monthly timeframe & is retesting the same Trendline.
4. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this the stock gave Trendline breakout on a monthly timeframe & is retesting the same Trendline.
4. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.
Pernyataan Penyangkalan
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