Dmart long opportunity

Jul 10, 2022

DMART

Stock -> Dmart
TimeFrame -> Weekly

Hello all!

Dmart has been consolidating in a flag structure since October 2021, thus forming a flag and pole pattern. It finally broke out of it with good volumes last week. This makes for a good opportunity to go long.

There are multiple reasons which strengthen my conviction on going long:

1) The stock has bounced back from 3200 levels which is a good support.

2) The weekly closing is above 50 EMA.

3) The breakout has happened with good volumes.

Risk-averse traders can wait for the stock to sustain above 4000 on a daily timeFrame for going long, although accumulation in small quantities can be done.

*NOT A CALL*