OIL INDIA LTDLong
Swing Opportunity in Oil India
Go Long above 208.7 for Targets of 227.4, 246.1, and 264.8 with SL 190
Reasons to go Long :
1. On a Daily 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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
4. In addition to this the stock gave Trendline breakout.
Reasons to go Long :
1. On a Daily 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. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
4. In addition to this the stock gave Trendline breakout.
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