SWING IDEA - INDIABULLS HOUSINGRenowned as a premier housing finance company in India, India Bulls Housing is esteemed for its innovative financial solutions tailored to the housing sector. Delving into technical indicators and price action, we uncover compelling factors signaling a potential buying opportunity within India Bulls Housing's stock.
Reasons are listed below :
Multiple tests on the 170-180 zone, followed by a successful breakout and subsequent retest, indicating a strong foundation for upward momentum.
The presence of a robust bullish candle on the weekly timeframe signifies sustained buying pressure and a potential continuation of the uptrend.
Additionally, a bullish Marubozu candle on the daily timeframe further bolsters the bullish sentiment, emphasizing strong buying interest.
The formation of a cup and handle pattern breakout pattern adds another layer of confirmation to the bullish bias, suggesting a potential uptrend continuation.
Notably, the stock is currently trading above its 50-day exponential moving average (EMA) and is poised to break the 200-day EMA, indicating strengthening bullish momentum.
The price's bounce from the 0.618 Fibonacci level reinforces the significance of this level as a key support area, potentially attracting more buyers.
Furthermore, increased volume activity accompanies the price movements, indicating heightened investor interest and participation in the stock.
Target - 248 // 280
StopLoss - weekly close below 182
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