SWING IDEA - RITES
Updated
RITES, a leading engineering consultancy company specializing in transport infrastructure, is showing technical signals that suggest a promising swing trading opportunity.
Reasons are listed below :
Target - 930 // 1030
Stoploss - daily close below 680
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Reasons are listed below :
- 770-800 Resistance Zone: The 770-800 level has been tested multiple times and the price is now attempting to break through this resistance, indicating strong bullish momentum.
- Ascending Triangle Breakout: The price is breaking out of an ascending triangle pattern, a bullish continuation pattern that suggests potential for further upward movement.
- Bullish Engulfing Candle on Daily Timeframe: The recent formation of a bullish engulfing candle on the daily chart indicates strong buying pressure and further supports the bullish case.
- 50 EMA Support: The stock is finding support at the 50-day exponential moving average (EMA), reinforcing the overall bullish sentiment and providing a strong support level.
- Trading at All-Time High: The stock is trading at its all-time high, suggesting strong market confidence and potential for further gains.
- Spike in Volume: A noticeable increase in trading volumes confirms the strength of the price move and indicates growing investor interest.
Target - 930 // 1030
Stoploss - daily close below 680
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Trade closed: stop reached
stop loss hit : -12%
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