Timken's stock has recently been on a downward trend but is now displaying indications of a potential recovery. Analysis of the charts reveals the formation of an inverse head and shoulders pattern. This could make it a candidate for swing trading, with the initial target set at the 200-day simple moving average (SMA), followed by the upper trend line....
Timken has given breakout on weekly chart
It has given a breakout from head & shoulder pattern and retested the level above the 3500 it can give 20-25% move.
levels marked on chart
Rising RSI
Volume accumulation
*Timken India Ltd*
C&H Formation on Weekly Basis.
Price Trendline BreakOut Done.
Should Sustain, Then Good to Go!
Vol. BuiltUp. Should Continue. Watch it.
Trail SL with Upside.
Book Profit as per Risk Appetite.
Financials are strong.
Growing Sales, Profitability: Yrly / Qtrly basis.
Negligible Debt. Strong TNW. Satisfactory WC Cycle. +ve CF from Ops....
Long at 2485 with an SL of 2375
Timken India Ltd is engaged in the manufacturing, distribution, and sale of anti-friction bearings, components, accessories and mechanical power transmission products for the customer base across different sectors. (Screener)
The bearings sector as a whole is showing very good strength when compared to the overall market. They...
The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below the support zone & the lower trendline. The target is placed near resistance.
Timken has BO'd with good volumes, it cam back and retested the upper channel and shot up again...possibility of reaching 1706..keep watching. Do your own research. This is idea.
Timken India is in a strong uptrend and it formed a fresh lifetime high last week. Following this, the price action has formed a bull-flag pattern. The upward momentum looks strong and the stock can be expected to rise in the upcoming days.
