SWING IDEA - TORRENT POWERTorrent Power, a major player in the power sector, is showing strong technical signs of a swing trading opportunity.
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
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@visionary.growth.insights
Torrentpower
Tata Power- Channel Breakout on Monthly chartThe stock has broken out of its 10-12 year channel on the monthly charts. Volumes are huge. We have to wait for january to end to see whether this breakout sustains or not. It definitely looks interesting.
p.s.- I may be biased as i am already invested from lower levels.
Torrent Power - Symmetrical Trading Breakout Breakout on Torrent Symmetrical Triangle
Above 330 , it can touch 350--360 and then 370++ mark.
Immediate Support at 310.
Trading Strategy with Bull Call Spread.
+1x 31DEC2020 330CE - ₹ 12.9
-1x 31DEC2020 360CE - ₹ 4.35
Max. Profit ₹ +64,350
Max. Loss ₹ -25,650
Max. RR Ratio - 1:2.51
Breakevens - 339.0
Estimated Margin/Premium - ₹ +34,067
Torrent Power is treading down and form inside candle#TORENTPOWER is week and treading down and looks week in technical parameter.
Showing Bearish result in Technical Parameter:
CCI is treading down
RSI is treading down
Stoch is treading down
DI- is trending UP from DI+
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Support : 307.20 and 300
Breakdown : 312.80
LTP : 317.70
Breakout : 322
Long Target : 324.60 and 331
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Positive & Negative Point:
1) Bearish in Daily chart.
2) Bullish in Weekly/Monthly chart.
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(Disclaimer: This is only for educational purpose and paper treading. Learn and take advice from you financial advisor)
Torrent Power - Trendline tradingStock has broken a trendline with a huge bear candle with good volume on intra -charts.
higher Higher, higher low Structure of the stock is still maintained.
Stock has support around 327 levels , it is the levels from where stock has given the breakout and also retest it before rallying, hence it is important to see how price action will unfold around these levels.