SWING IDEA - SCHAEFFLER INDIA
Updated
Schaeffler India, a leading automotive and industrial supplier, is displaying technical signals that suggest a promising swing trading opportunity.
Reasons are listed below :
- Break of 4000 Resistance Zone: The 4000 level was a significant resistance zone. The price has broken through this level, retested it, and is now making new higher highs, indicating strong bullish momentum.
- Bullish Engulfing Candle on Weekly Timeframe: The recent formation of a bullish engulfing candle on the weekly chart suggests strong buying pressure and potential for further upward movement.
- 0.5 Fibonacci Support: The stock is finding support at the 0.5 Fibonacci retracement level, a key area where prices often bounce back, indicating potential for an upward move.
- Trading Above 50 and 200 EMA: The stock is trading above both the 50-week and 200-week exponential moving averages (EMA), reinforcing the bullish sentiment and providing strong support levels.
- Trading at All-Time High: The stock is trading at its all-time high, suggesting strong market confidence and potential for further gains.
- Constant Higher Highs: The stock has been consistently making higher highs, indicating a strong uptrend and sustained bullish sentiment.
Target - 5550 // 6150
Stoploss - weekly close below 4100
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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.