Bias: Long / Bullish Expected Duration: Mid to Long-term (Several weeks to months, based on the weekly timeframe) Technical Analysis & Reasoning: Multi-Year Breakout: Sona BLW Precision Forgings…
Bias: Long / Bullish Expected Duration: Mid to Long-term (Several weeks to months, based on the weekly timeframe) Technical Analysis & Reasoning: Multi-Year Breakout: Sona BLW Precision Forgings has successfully broken out above a major long-term resistance level at 834 on the weekly chart. This resistance zone had been acting as a ceiling since early 2022, and clearing it is a significant bullish signal. Strong Momentum: The recent price action shows a strong, full-bodied bullish candle closing decisively above the resistance line.
This indicates sustained buying pressure and a clear structural shift. Trade Plan: Entry Point: Consider entering near the current market price around 892.80, or look to accumulate on a potential retest of the 834 breakout level (which should now act as support). Stop Loss: 780. Placing the stop loss below the breakout candle and the new support zone gives the trade enough room to breathe while protecting against a false breakout. Target 1: 1050 Target2: 1200
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