'Bullish' on TORRENT POWER for medium term
The stock hit a fresh 52-week high of 610 on 22nd Aug 2022, but failed to hold on to the momentum, falling about 29%.
It then took support at the lower trendline of the wedge pattern , gave a confirmed breakout from resistance trendline on 2nd March 2023, thereby bounced back from a 52W low of 430.85 to an intraday high of 550 on 17th Jan 2023, rising nearly 28%.
In terms of price action, the stock is trading well above all the short-term and long-term moving averages.
RSI(weekly) is at 58 and MACD(weekly) gave bullish crossover above its signal line on 3rd March 2023. The stock is in a very bullish trend, and it's expected that the stock's price may continue to rise towards the assigned targets, with a recommended stop loss of 513 on a closing basis.
It then took support at the lower trendline of the wedge pattern , gave a confirmed breakout from resistance trendline on 2nd March 2023, thereby bounced back from a 52W low of 430.85 to an intraday high of 550 on 17th Jan 2023, rising nearly 28%.
In terms of price action, the stock is trading well above all the short-term and long-term moving averages.
RSI(weekly) is at 58 and MACD(weekly) gave bullish crossover above its signal line on 3rd March 2023. The stock is in a very bullish trend, and it's expected that the stock's price may continue to rise towards the assigned targets, with a recommended stop loss of 513 on a closing basis.
Note
Target 1 achieved on 6th June 2023 !!!Note
Target 2 achieved on 8th June 2023!!!
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.