Setup Type: Reversal + Breakout | Conviction: Medium (Confirmation Needed)
Chart Framework: Price Action + Chart Patterns
WELSPUN is printing a strong bullish reversal structure, supported by both horizontal and diagonal resistance levels:
🟡 Double Bottom at Equal Lows – Classic reversal base forming after a downtrend.
📏 Equal Lows Liquidity Grab – Smart money may have hunted stops before pivoting.
🟢 Massive Volume Spike – Indicates strong interest building up.
📐 Bearish Trendline Resistance + Neckline acting as key breakout zones.
🧠 Trade Plan:
🕒 Wait for breakout above ₹133–135 zone (neckline + trendline overlap).
📍 Entry Confirmation = Daily close above ₹135 with strong volume.
🎯 Target = ₹180+ based on measured move from the pattern.
💡 High-Probability Trigger: Once the neckline breaks, momentum buyers will likely step in. Confluence of trendline + structure gives this trade extra juice.
Chart Framework: Price Action + Chart Patterns
WELSPUN is printing a strong bullish reversal structure, supported by both horizontal and diagonal resistance levels:
🟡 Double Bottom at Equal Lows – Classic reversal base forming after a downtrend.
📏 Equal Lows Liquidity Grab – Smart money may have hunted stops before pivoting.
🟢 Massive Volume Spike – Indicates strong interest building up.
📐 Bearish Trendline Resistance + Neckline acting as key breakout zones.
🧠 Trade Plan:
🕒 Wait for breakout above ₹133–135 zone (neckline + trendline overlap).
📍 Entry Confirmation = Daily close above ₹135 with strong volume.
🎯 Target = ₹180+ based on measured move from the pattern.
💡 High-Probability Trigger: Once the neckline breaks, momentum buyers will likely step in. Confluence of trendline + structure gives this trade extra juice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.