A potential swing trade opportunity in Syrma SGS, a notable player in the electronics manufacturing industry.
Reasons are listed below :
Target - 570 // 670
Stoploss - weekly close below 448
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.
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Reasons are listed below :
- The stock exhibited resilience as it rebounded strongly from the 450-500 support zone, suggesting a false breakdown and indicating underlying strength.
- A hammer candlestick formation on the weekly timeframe signals a potential reversal, hinting at a shift from bearish sentiment to bullish momentum.
- Finding support at the 0.5 Fibonacci level further bolsters the bullish outlook, providing a solid foundation for potential upward movement.
- The 50-period Exponential Moving Average (EMA) on the weekly chart acts as additional support, reinforcing the bullish bias.
- Notable increase in trading volumes reflects heightened market interest and potential accumulation by investors, adding weight to the bullish case.
- Syrma SGS has demonstrated a pattern of higher highs, indicating a trend of increasing bullish momentum and reinforcing the potential for upward movement.
Target - 570 // 670
Stoploss - weekly close below 448
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:
Consolidating near support zone