SWING IDEA - RITESRITES , a leading engineering consultancy company specializing in transport infrastructure, is showing technical signals that suggest a promising swing trading opportunity.
Reasons are listed below :
770-800 Resistance Zone : The 770-800 level has been tested multiple times and the price is now attempting to break through this resistance, indicating strong bullish momentum.
Ascending Triangle Breakout : The price is breaking out of an ascending triangle pattern, a bullish continuation pattern that suggests potential for further upward movement.
Bullish Engulfing Candle on Daily Timeframe : The recent formation of a bullish engulfing candle on the daily chart indicates strong buying pressure and further supports the bullish case.
50 EMA Support : The stock is finding support at the 50-day exponential moving average (EMA), reinforcing the overall bullish sentiment and providing a strong support level.
Trading at All-Time High : The stock is trading at its all-time high, suggesting strong market confidence and potential for further gains.
Spike in Volume : A noticeable increase in trading volumes confirms the strength of the price move and indicates growing investor interest.
Target - 930 // 1030
Stoploss - daily close below 680
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