SWING IDEA - RK FORGINS
Updated
RK Forgings, a key player in the forging industry, is showing technical indicators that suggest a promising swing trade opportunity.
Reasons are listed below :
Target - 1000 // 1100
Stoploss - Daily close below 810
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@visionary.growth.insights
Reasons are listed below :
- 850 Resistance Turned Support: The 850 level, previously a strong resistance, has now turned into a robust support level, indicating a potential floor for the stock price.
- Bullish Engulfing Candle on Daily Timeframe: The recent formation of a bullish engulfing candle on the daily chart signifies strong buying pressure and potential for upward movement.
- 50 EMA Support on Daily Timeframe: The stock is finding support at the 50-day exponential moving average, reinforcing the bullish sentiment and providing a reliable support level.
- 0.382 Fibonacci Level Support: The price is bouncing off the 0.382 Fibonacci retracement level, suggesting a healthy pullback and resumption of the uptrend.
- Volume Spike: A noticeable increase in trading volumes confirms the strength of the price move, indicating strong investor interest and participation.
Target - 1000 // 1100
Stoploss - Daily close below 810
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
Note
made a high of 7%+Note
hold!Note
made a high of 10%+Trade closed: target reached
1st target achieved :13%++Note
new ath close
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