VIP Industries Clean BreakoutThe idea here is about VIP Industries:
V.I.P. Industries Ltd. engages in manufacturing and marketing of luggage, bags, and accessories. The firm's product includes hard and soft luggage-trolleys; suitcases, duffle bags, overnight travel solutions, executive cases, backpacks, and travel accessories. Its brands include VIP, Carlton, Caprese, Footloose, Alfa, Aristocrat, and Skybags.
My view is bullish (Swing trade) for the below observed technical factors.
Points as per TA on a Daily & Weekly chart:
1.Contracting or Symmetrical triangle breakout & retested on weekly chart as per below:
2. Bearish Crab Harmonic CD leg under formation at the time of publishing as per below:
3. EMA 20 support established on weekly chart as per below:
4. Trading above 20 & 100 EMA on daily chart.
5. Double Bottom formation competed & Neck line breakout completed as per below:
6. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily,weekly & monthly chart is strong upward momentum at the time of publishing. This is a very good signal for upward momentum.
7. RSI is at 62.82 on a weekly Chart and 66.72 on daily chart at the time of publishing.
8. MACD above signal line on daily & weekly chart which is a signal for upward momentum.
9. Hull Moving average and other moving averages on a daily,weekly & monthly chart is a strong buy.
10. ADX (Average directional index ) trend strength is at 10.45 on a weekly which indicates a absent or weak trend (ADX between 0-25 is a Absent or weak trend) and 32.57 on a daily chart which indicates a strong trend .The trend seems to be picking up.
Projected Target: provided in the chart as per Cypher harmonic pattern.
Stop Loss: Provided in the chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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