It's a good risk to reward. I have set an order to go long at 1240 and a stop loss just below previous support. Take profit is also set at previous resistance. This is a long term trade and could easily take 4-5 months to achieve its target. The 50 day MVA is also likely to provide support at this area. Will watch candlesticks carefully around this area to get a good idea.
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Order has not been executed. Seems like the 50 day MVA (RED) is providing resistance and the 200 day MVA (BLACK) is also acting as support.
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Order has been executed.