Balaji Amines, a leading manufacturer of specialty chemicals, is showing promising signs for a potential swing trade.
Reasons are listed below:
Target - 2720 // 3030 // 3800
Stoploss - weekly close below 1875
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:
- Crucial Support Zone (1850-2000): The 1850-2000 range has proven to be a strong support zone, indicating significant buying interest and potential for a price rebound.
- 0.618 Fibonacci Support: The price has found support at the 0.618 Fibonacci retracement level, often referred to as the "golden ratio," suggesting a likely reversal or continuation of the uptrend.
- Bullish Marubozu Candle on Weekly Timeframe: The recent weekly candle is a bullish marubozu, characterized by little to no shadows, indicating strong buying pressure and potential for further upward movement.
- Support from 50 and 200 EMA on Weekly Timeframe: The stock is trading above both the 50-week and 200-week exponential moving averages, providing strong support and confirming the long-term uptrend.
- 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 - 2720 // 3030 // 3800
Stoploss - weekly close below 1875
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