Atul Ltd, a prominent Indian chemical manufacturing company, is exhibiting technical patterns that suggest a potential swing trading opportunity.
Reasons are listed below :
Target - 7200 // 7550
Stoploss - weekly close below 5600
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Reasons are listed below :
- Strong Support Zone: The 5750-6000 range has proven to be a robust support zone, with prices bouncing off this level, indicating buying interest and a potential reversal.
- Double Bottom Pattern on Weekly Timeframe: This pattern, characterized by two distinct troughs at similar levels, is a bullish reversal signal. It suggests that the downtrend may be over, and a new upward trend could be starting.
- Reversal from Golden Fibonacci Zone: The price reversed from the 0.618 Fibonacci retracement level, often referred to as the "golden zone." This adds weight to the potential for an upward move.
- Bullish Engulfing Candle on Weekly Timeframe: The recent weekly candle engulfed the previous 8 weekly candles, indicating a significant shift toward bullish sentiment and suggesting a potential strong rebound.
- Increase in Volumes: A noticeable spike in trading volume often confirms the strength of a price move, indicating greater participation and confidence in the direction of the trend.
Target - 7200 // 7550
Stoploss - weekly close below 5600
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Comment:
You can accumulate at lower levels as well