SWING IDEA - CAR TRADE TECHCarTrade Tech is showing a promising swing trade setup based on the following key technical signals.
Reasons are listed below :
Break of Cup and Handle Pattern : The price is attempting to break out of a classic cup and handle pattern, which is a strong bullish continuation signal.
950 Zone Tested Multiple Times : The 950 zone has been tested repeatedly, indicating it is a strong resistance level. A breakout above this level could result in further upward momentum.
VCP Pattern in Uptrend : A Volatility Contraction Pattern (VCP) is forming, which suggests tightening price action and may lead to a breakout if volatility decreases and buying pressure increases.
Bullish Engulfing Candle on Weekly Timeframe : A bullish engulfing candle on the weekly chart reinforces the potential for an upward move, showing strong buying interest.
Increase in Volumes : A noticeable spike in volumes supports the bullish sentiment and confirms that market participants are actively involved in this move.
Higher Lows : The lows are consistently shifting higher, indicating sustained buying pressure and upward momentum.
Target - 1110 // 1210 // 1400
Stoploss - weekly close below 750
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