Footwear's looking Attractive for longer term horizon
Key Observations :
The above mentioned stocks (Bata India, Relaxo Footwears & Liberty shoes) from a Leather products category seems to have set for next leg of upward rally as all are on the verge of breakout from its short term corrective phase.
After a formation of positive candlestick pattern of last week, the stock price seems to have started sharp surge with an increase in volumes from the lows. The weekly chart pattern is suggesting a strength in the upside bounce back in the last few weeks and the beginning of a fresh upside from the lows of previous week.
Presently, these stocks are trading above its 200-Weeks EMA line and also ranging higher from our trend reversal indicator, which indicates that the positive trend is intact. Weekly stochastic oscillator has given a Buy signal and heading upwards from the oversold zone.
The 14 period RSI has placed above the key upper 60 levels and is making attempt to turn up from there. This could suggest intact of upside momentum. Going forward for these participants.
Current Price-Volume action, overall positive chart and momentum setup is showing an investment opportunity in the above mentioned stocks with medium to longer term perspective.
Particulars Trend Reversal Point
BATA INDIA 500
RELAXO FOOTWEAR 407
LIBERTY SHOES 142
(Note : Trend reversal levels as per weekly closing basis.)
The above mentioned stocks (Bata India, Relaxo Footwears & Liberty shoes) from a Leather products category seems to have set for next leg of upward rally as all are on the verge of breakout from its short term corrective phase.
After a formation of positive candlestick pattern of last week, the stock price seems to have started sharp surge with an increase in volumes from the lows. The weekly chart pattern is suggesting a strength in the upside bounce back in the last few weeks and the beginning of a fresh upside from the lows of previous week.
Presently, these stocks are trading above its 200-Weeks EMA line and also ranging higher from our trend reversal indicator, which indicates that the positive trend is intact. Weekly stochastic oscillator has given a Buy signal and heading upwards from the oversold zone.
The 14 period RSI has placed above the key upper 60 levels and is making attempt to turn up from there. This could suggest intact of upside momentum. Going forward for these participants.
Current Price-Volume action, overall positive chart and momentum setup is showing an investment opportunity in the above mentioned stocks with medium to longer term perspective.
Particulars Trend Reversal Point
BATA INDIA 500
RELAXO FOOTWEAR 407
LIBERTY SHOES 142
(Note : Trend reversal levels as per weekly closing basis.)
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