SWING IDEA - TORRENT POWER
Updated
Torrent Power, a major player in the power sector, is showing strong technical signs of a swing trading opportunity.
Reasons are listed below :
Target - 1908 // 2000
Stoploss - daily close below 1610
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 :
- 1650 Support Zone: The 1650 level has acted as a strong support zone, and the price is holding steady around this level, indicating potential upside.
- Bullish Engulfing Candle on Daily Timeframe: A bullish engulfing candle on the daily chart suggests strong buying momentum, indicating that the stock may reverse from its current support zone.
- Double Bottom Pattern: The formation of a double bottom pattern is a bullish reversal signal, indicating the stock may have completed its downtrend and is now primed for an upward move.
- 0.618 Fibonacci Level Support: The stock has bounced back from the golden Fibonacci retracement level, providing additional support to the bullish thesis.
- 50 EMA Support: The price is holding above the 50-day exponential moving average, adding strength to the current setup and suggesting the trend is intact.
Target - 1908 // 2000
Stoploss - daily close below 1610
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
hold!Note
made a high of 9%++Trade closed: target reached
1st target achieved : 13%++Note
we are close to 2nd targetNote
hold!
Trade closed: target reached
2nd target achieved : 16%++
Disclaimer
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