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CASTROLIND

SWING IDEA - CASTROL INDThere seems to be a strong breakout in CASTROL IND . This could potentially be an excellent swing trade. Reasons are listed below : Multiple tests on 161 levels and finally the price broke these levels with high volumes. Marubozu candle (bullish sign) on weekly timeframe. Breakout after a strong consolidation of 5years . Stock price is above 50 and 200EMA i.e the trend is intact. Target - 213 // 242 // 271 StopLoss - weekly closing below 145 levels
NSE:CASTROLINDLong
by Visionary_Growth_Insights
Castrol India (NSE: CASTROLIND) ForecastBased on the 4-hour chart for Castrol India (NSE: CASTROLIND), here is the summary: Key Levels: - Resistance Zone: 200-210 - Support Zone: 175-185 Current Price: - Current Price: 187.65 Chart Analysis: 1. Downtrend: The stock has been in a downtrend, as indicated by the descending trendline. 2. Support Zone: The stock has reached a support zone between 175-185, where it has shown some consolidation. 3. Potential Bounce: If the stock finds strong support and breaks above the descending trendline, it could head towards the resistance zone. - Buy Target (TP): 207 4. Bearish Scenario: If the stock fails to hold the support and breaks below 182.85, it could fall further towards the lower end of the support zone. - Sell Target (TP): 175 Strategy: - Wait for Breakout and Weekly Close: It is suggested to wait for a breakout above the descending trendline and a weekly close above this level to confirm the trend reversal before entering a buy position. - Buy Position: If the stock breaks above the trendline and closes above 190 with good volume, consider buying with a target of 207. - Sell Position: If the stock breaks below the immediate support level of 182.85, consider selling with a target of 175. Conclusion: - The stock is at a critical juncture, and the next few trading sessions will be crucial in determining its direction. Monitoring the price action around the support zone and the descending trendline is essential for making informed trading decisions.
NSE:CASTROLINDShort
by The90sTraderOfficial