SWING IDEA - WELSPUN LIVING
Updated
Welspun Living, a company engaged in the home textiles and furnishings sector, presents a potential swing buying opportunity based on several technical factors.
Reasons are listed below :
Target - 185 // 215 // 255
Stoploss - weekly close below 137
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.
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Reasons are listed below :
- The repeated testing of the 155-165 zone suggests the establishment of a robust support/resistance level. A potential breakout from this range could signify a notable market movement.
- Head and shoulders patterns are often seen as trend reversal patterns. In this case, if there's a head and shoulders pattern forming, and if it's confirmed with a breakout, it could indicate a reversal from a downward trend to an upward trend.
- An engulfing candle formed in weekly timeframe followed by a doji candle typically indicates a potential continuation in the prevailing market trend.
- Breakouts from long-term consolidation zones can lead to significant price movements, as they indicate a shift in market sentiment and a breakout from a period of indecision.
- Consistently forming higher highs is a characteristic of an uptrend and suggests that buyers are in control of the market.
- Increased trading volume can confirm the strength of a price movement. If volumes are increasing as the price moves higher, it suggests strong buying interest.
Target - 185 // 215 // 255
Stoploss - weekly close below 137
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
Price is still consolidating, hold your positions.Note
Price is trying to breakout with a strong bullish marubozu candle, we can add quantity if this week's close is above 154Note
Still consolidating, hold for targets.Trade closed: stop reached
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