Visionary_Growth_Insights

SWING IDEA - FINOLEX CABLES

Long
NSE:FINCABLES   FINOLEX CABLES
A potential swing trade in Finolex cables , a prominent figure in the cable manufacturing sector.

Reasons are listed below :
  • The stock bounced convincingly from the strong support level of 850, indicating solid buying interest at this price point.
  • A hammer candlestick on the weekly timeframe signals a potential reversal, suggesting a shift from bearish sentiment to bullish momentum.
  • The appearance of a morning star pattern on the daily chart adds further confirmation to the bullish bias, signaling a possible trend reversal from bearish to bullish.
  • The stock finds support at the 0.382 Fibonacci level, reinforcing the bullish outlook.
  • Volume Surge: Witness a notable increase in trading volumes, reflecting growing market interest and potential accumulation by investors.
  • FinCables has been consistently making higher highs on larger timeframes, indicating a trend of increasing bullish momentum and reinforcing the potential for upward movement.

Target - 1020 // 1150 // 1210
Stoploss - weekly close below 805

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@visionary.growth.insights
Comment:
Price up by 11.2%++ from our buying price
Comment:
15% ++ achieved, we are very close on 1st target.
Trade closed: target reached:
1st target done : achieved 19% ++
Comment:
price made a new higher low and then a new higher high i.e the trend is intact.
Hold for targets
Trade closed: target reached:
2nd target achieved : 33% ++
Comment:
Achieved 55%++
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