Hello all! Dabur has been moving in a channel since March 2018. It came back to its lower trendline in June 2022, bounced back, and broke trendline 1 with good volumes. This we believe makes for a good opportunity to go long.
There are other reasons which strengthen our conviction:
1) The lower trendline from which the scrip bounced back off of also coincides with the strong 200 EMA.
2) The breakout of trendline 1 happened with good volumes.
3) Stock took a bounce from its golden Fibonacci zone (between 50% and 61.8%) not shown here to avoid confusion.
Risk-averse traders can wait for closing above the Resistance zone. Although accumulation in small quantities can be done. The Risk-Reward ratio also seems decent.
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