Welspun India Strong Bullish 30% Move

1) Monthly has broken out of a double-bottom pattern and is in a strong uptrend.
2) Weekly has broken the recent consolidation resistance.
3) Daily time frame price action looks interesting - key takeaways,

Price Psychology - Price understanding:

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After 3 times of sellers attempt to pull down the price, buyers won at 104.30 levels and then after the breakout, again the sellers made their attempt, Inside candles have been formed for 4 days, and a doji, indicates buyers are intact still.

Also, this consolidation has been happening in 38.2% Fibonacci retracement levels which also indicates aggressive bullish action.

If the price sustains above Friday's close for about 75 mins, the price will lead into the supply zones marked in the Daily time frame.

If the price reverses look for the demand levels marked in 75 mins time frame.

For a Swing trade, A plausible 30% up move from CMP is visible. If the price retraces to demand level of 104, then a smaller SL of 90 levels with a target of 145 may be on the cards.

Please do your diligence, happy trading!

Comment:

Stock is entering the supply zone of 120-123 as discussed in the thread.