SWING IDEA - WELSPUN LIVINGWelspun Living , a company engaged in the home textiles and furnishings sector, presents a potential swing buying opportunity based on several technical factors.
Reasons are listed below :
The repeated testing of the 155-165 zone suggests the establishment of a robust support/resistance level. A potential breakout from this range could signify a notable market movement.
Head and shoulders patterns are often seen as trend reversal patterns. In this case, if there's a head and shoulders pattern forming, and if it's confirmed with a breakout, it could indicate a reversal from a downward trend to an upward trend.
An engulfing candle formed in weekly timeframe followed by a doji candle typically indicates a potential continuation in the prevailing market trend.
Breakouts from long-term consolidation zones can lead to significant price movements, as they indicate a shift in market sentiment and a breakout from a period of indecision.
Consistently forming higher highs is a characteristic of an uptrend and suggests that buyers are in control of the market.
Increased trading volume can confirm the strength of a price movement. If volumes are increasing as the price moves higher, it suggests strong buying interest.
Target - 185 // 215 // 255
Stoploss - weekly close below 137
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