SWING IDEA – MOTHERSON SUMI WIRING IND for NSE:MSUMI by Visionary_Growth_Insights

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

DISCLAIMER –

Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of “Day Trading” involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.

@visionary.growth.insights