Go Long above 535 for Targets of 652.2, 720.35, and 788.5 with SL 479.95
Reasons to go Long:
1. On a Monthly timeframe the stock gave Trendline breakout (red TL).
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 0.618 Fibonacci level.
3. On 0.618 Fibonacci level the stock formed a Double bottom or W pattern.
4. In addition to this the stock took support from trendline (green TL)
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 Monthly timeframe the stock gave Trendline breakout (red TL).
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 0.618 Fibonacci level.
3. On 0.618 Fibonacci level the stock formed a Double bottom or W pattern.
4. In addition to this the stock took support from trendline (green TL)
3. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.