SWING IDEA - INTELLECT DESIGN ARENA Intellect Design Arena , a leading financial technology company, presents a potential swing trading opportunity based on several technical indicators.
Reasons are listed below:
Breakthrough and Retest of Resistance Zone (850-880) : The 850-880 range was a significant resistance zone. The price has broken through this level and is now retesting it, indicating a potential continuation of the upward trend.
Bullish Hammer on Weekly Timeframe : The recent formation of a bullish hammer candle on the weekly chart suggests a potential reversal from the downtrend, indicating strong buying pressure at lower levels.
0.382 Fibonacci Support : The price is finding support at the 0.382 Fibonacci retracement level, a key support zone that suggests the potential for a bounce and continuation of the uptrend.
50 EMA Support on Weekly Timeframe : The stock is trading around the 50-week exponential moving average, providing strong support and indicating a positive long-term trend.
Higher Highs Formation : The stock has been consistently making higher highs, indicating a sustained uptrend and ongoing bullish sentiment.
Gradual Increase in Volumes : There is a noticeable gradual increase in trading volumes, which often confirms the strength of the price move and indicates growing investor interest.
Target - 1100 // 1200
Stoploss - weekly close below 835
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