This setup presents an attractive opportunity for swing traders to capitalize on the potential uptrend in SBI Cards.
Reasons are listed below :
Strong Support at 670-700 Levels: SBI Cards has established a robust support zone in the range of 670-700 levels, indicating strong buying interest and potential reversal points.
Bullish Marubozu Candle: A bullish Marubozu candlestick pattern has formed in both the weekly and daily timeframes, suggesting strong buying momentum and potential upward movement.
Engulfing Pattern: The bullish engulfing pattern on the weekly chart, engulfing four previous candles, reinforces the bullish sentiment and indicates a potential reversal of the downtrend.
Double Bottom Pattern: A double bottom pattern has emerged on the daily timeframe, indicating a potential trend reversal and bullish continuation.
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Note
In Consolidation phase right now, weekly close 765 will trigger some upside
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