Varroc Engineering presents a compelling case for a potential swing trade, backed by several key indicators.
Reasons are listed below :
Target - 620 // 655 // 830
StopLoss - weekly close below 455
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 :
- After multiple tests, Varroc Engineering broke through the crucial 500 level and is now retesting it, indicating a potential shift in market sentiment.
- A doji candlestick formation on the weekly timeframe and a bullish marubozu candle on the daily timeframe suggest indecision followed by strong bullish momentum, respectively.
- Varroc Engineering demonstrates a clear uptrend, marked by a series of constant higher highs, indicating bullish momentum in the stock.
- Finding support at the 0.382 Fibonacci retracement level suggests a healthy correction within the broader uptrend, providing a favorable entry point for traders.
- The stock price is currently trading above both the 50 and 200 Exponential Moving Averages (EMA) on the weekly timeframe, reinforcing the bullish bias.
- Varroc Engineering has recently broken out of a consolidation phase lasting over four years, signaling a potential continuation of the uptrend.
Target - 620 // 655 // 830
StopLoss - weekly close below 455
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:
We can add quantity, it has formed a hammer on a strong support.
Comment:
Price made a high of 9.2% from our buying price