SWING IDEA - JBM AUTOJBM Auto , a leading manufacturer of auto components and systems, is showing promising technical indicators for a potential swing trade.
Reasons are listed below :
Strong Support at 1700 : The 1700 level has proven to be a robust support zone, indicating strong buying interest and a solid base for potential upward movement.
'W' Pattern Formation : The stock is forming a 'W' pattern (double bottom) at this crucial support zone, which is a bullish reversal pattern suggesting that the downtrend may be over and a new uptrend could be beginning.
Golden Fibonacci Support : The price has found support at the 0.618 Fibonacci retracement level, often considered a strong support zone and indicating a potential reversal or continuation of the uptrend.
Trading Above 50 and 200 EMA : JBM Auto is trading above both the 50-day and 200-day exponential moving averages, indicating a strong and sustained uptrend.
Constant Higher Highs : The stock has been consistently making higher highs, reflecting ongoing bullish sentiment and a sustained uptrend.
Target - 2430
Stoploss - weekly close below 1670
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