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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