SWING IDEA - PBCL
Updated
A potential swing trade opportunity in PCBL (Phillips Carbon Black Limited), the largest carbon black manufacturer in India.
Reasons are listed below:
Target - 300 // 333
Stoploss - Daily close below 229
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Reasons are listed below:
- Strong Support at 230-240 Zone: PCBL is rebounding from a robust support level, reflecting market confidence in the company's leading position and expertise in the carbon black industry.
- 'W' Pattern: A 'W' pattern observed in the daily timeframe indicates a potential reversal and bullish continuation pattern, showcasing PCBL's ability to navigate market fluctuations effectively.
- Bullish Marubozu Candle: The appearance of a bullish Marubozu candle on the daily timeframe signals strong buying pressure and potential upward momentum, underscoring positive market sentiment towards PCBL's prospects.
- 200 EMA Support: The 200-period Exponential Moving Average (EMA) on the daily chart acts as reliable support, highlighting PCBL's consistent performance and stability in the industry.
- 0.5 Fibonacci Support: Finding support at the 0.5 Fibonacci level reinforces PCBL's solid fundamentals and growth potential, providing a strong foundation for potential upward movement.
Target - 300 // 333
Stoploss - Daily close below 229
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
Note
Price made a high of 8.4% ++Note
Daily close above 285 will trigger up move, hold!Note
slowly moving upTrade closed: stop reached
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