SWING IDEA - MOTHERSON SUMI WIRING INDThis presents an attractive opportunity for swing traders to capitalize on the potential uptrend in Motherson Sumi Wiring India , a subsidiary of Motherson Sumi Systems Limited and a leading manufacturer of wiring harnesses and other automotive components.
Reasons are listed below :
Strong Resistance Turned Support : The price level of 65-67, previously a strong resistance, has now turned into a support zone, indicating potential bullish momentum.
Cup and Handle Pattern : The formation of a cup and handle pattern suggests a potential continuation of the uptrend, with bullish implications for Motherson Sumi Wiring India.
Bullish Engulfing on Weekly Timeframe : A bullish engulfing candlestick pattern observed on the weekly timeframe indicates strong buying momentum and potential upward movement.
0.5 Fibonacci Support : Finding support at the 0.5 Fibonacci level strengthens the bullish case, providing a solid foundation for potential upward movement.
Higher Highs : Consistent formation of higher highs reflects increasing bullish momentum and reinforces the potential for further gains.
About to Breach All-Time High : The stock is approaching its all-time high, indicating strong bullish sentiment and potential for a breakout to new highs.
Increased Volumes : A notable increase in trading volumes reflects growing market interest and potential accumulation by investors, adding confirmation to the bullish thesis for Motherson Sumi Wiring India.
Target - 85 // 95
StopLoss - weekly close below 61
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