SWING IDEA - MAHARASHTRA SEAMLESSMaharashtra Seamless , a leading manufacturer of seamless pipes in India, is showing technical patterns that suggest a potential swing trading opportunity.
Reasons are listed below :
Support at 800 Level : The 800 level has proven to be a strong support zone, indicating significant buying interest at this price point.
0.382 Fibonacci Level Support : The price has found support at the 0.382 Fibonacci retracement level, suggesting a potential reversal or continuation of the uptrend from this key level.
50 EMA on Weekly Timeframe : The stock is trading around the 50-week exponential moving average, which acts as a support level and indicates a long-term uptrend.
Bullish Marubozu Candle on Daily Timeframe : The recent daily candle is a bullish marubozu, characterized by a lack of shadows, indicating strong buying pressure and potential for further upward movement.
200 EMA Support on Daily Timeframe : The stock is also finding support at the 200-day exponential moving average, which reinforces the overall bullish sentiment and provides additional support for the uptrend.
Target - 965 // 1095
Stoploss - weekly close below 735
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