SWING IDEA - PRESTIGE ESTATESPrestige Estates , a leading Indian real estate developer, is showing a compelling opportunity for a swing trade.
Reasons are listed below :
Breakthrough of Resistance Zone : The 1350-1400 range had been a significant resistance zone, but the price recently broke through and achieved a weekly close above it, indicating a strong upward momentum.
0.5 Fibonacci Bounce : The price retraced to the 0.5 Fibonacci level and subsequently bounced back, suggesting this level is acting as strong support, reinforcing the potential for continued bullish movement.
Breakout from Consolidation Phase : The stock has broken out of a 4-month consolidation phase, signaling that it could be entering a new upward trend.
Bullish Marubozu Candle on Weekly Timeframe : Last week's marubozu candle (with minimal shadows) indicates strong buying pressure and supports the case for continued bullish momentum.
Trading Above 50 and 200 EMA on Weekly Timeframe : Prestige Estates is trading above both the 50-week and 200-week exponential moving averages, which is a robust signal of a prevailing uptrend.
Trading at All-Time High : The stock is currently trading at its all-time high, indicating strong bullish sentiment. However, traders should watch for potential pullbacks or resistance at this level.
Target - 1650 // 1800 // 1900
Stoploss - weekly close below 1300
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