For Short Term/Long term Technically

Amara Raja Batteries Ltd looks bullish technically on Monthly timeframe .
Analysis is price action based.
It gave breakout in Oct on this TF.
And for the past few month it is coming back to previous resistance line.
Now this month is forming green candle and may start moving upwards.

From the recent low to high I see support above 0.5 fibo level which indicates
the healthy retracement after breakout.

The retracement candles volumes are not looking that good so there is risk.
So keeping the strict STOPLOSS at a little near/down 0.61 fibo level once it is break
the downtrend resumes and confirmation of this false breakout.

So if I'm taking this risk I want good reward. So my RR ratio will be 1:2.
My Target will be 1070 and STOPLOSS 604.

This trade setup is completely based on technicals.
Though the fundamentals of company is not bad but ok type.

"Technicals indirectly tells fundamentals. You just need to learn to listen it."

This post is just because I wanted to share my analysis.
Don't take it as calls. It is only for information purpose.


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