SWING IDEA - IOB (INDIAN OVERSEAS BANK)
With its strong foothold in the Indian banking sector and commitment to providing financial services to customers, Indian Overseas Bank presents an intriguing opportunity for swing traders.
Reasons are listed below :
Target - 70 // 82 // 90
Stoploss - daily close below 54
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 at 55-60 Zone: IOB has established a robust support base in the 55-60 zone, from which the price is rebounding, reflecting market confidence in the bank's stability and resilience.
- Bullish Engulfing Candle: A bullish engulfing candlestick pattern on the daily timeframe, engulfing eight previous daily candles, indicates a strong reversal and potential upward momentum in IOB's stock price.
- 'W' Pattern Formation: The formation of a 'W' pattern suggests a potential reversal and bullish continuation, highlighting the underlying strength and positive sentiment surrounding IOB.
- 0.618 Fibonacci Support: Finding support at the 0.618 Fibonacci level reinforces the bullish outlook, providing a solid foundation for potential upward movement.
- Increase in Volume: Notable increase in trading volumes reflects growing market interest and potential accumulation by investors, adding confirmation to the bullish thesis for IOB.
- Higher Highs Formation: IOB has been forming higher highs, indicating a trend of increasing bullish momentum and reinforcing the potential for further gains.
Target - 70 // 82 // 90
Stoploss - daily close below 54
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
Trade active:
Price made a high of 8.3% ++
Comment:
Price made a high of 12% ++
Comment:
A bullish marubozu is formed after a doji candle indicating a high possibility of sharp up move