Laurus Labs - A momentum Stock

After a good uptrend, the stock has seen a price correction or one should say weak hand removal. This becomes a good accumulation zone for the sharks. The stock has been taking support at same level which shows that there is strong buying at that level.
The stock has been outperforming the sectoral as well as benchmark index. A gap up today confirms that the momentum is still ON.

But watch out for the current level at which the stock is trading, It has spent a lot of time at this level which becomes a good supply zone. Also, see the 1H chart the current point is acting as a resistance. It is also at a crucial fib level. A decent closing above this point on H time frame will take the stock again to 720 levels. And now that you are on 1H chart, notice the volumes with increase in price.

I am sure you will also analyse this stock and make a entry acc to your setup. Do comment any contrary view or anything else you would want to know further:)

Happy Trading!


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