SUPPORT HAS BECOME RESISTANCE

Hello friends I am sharing the weekly Chart of RELAXO Footwear for educational purpose for that as we can see that 825 zones was a good support zones earlier when a Breakout happened in it for many weeks it takes support on that area in the year 2021 and goes for an other breakout after completing the consolidation phase post breakout and now came down from 1450 zones to 748 levels and retested successfully, So as of now we can see on this chart that stock is taking Resistance on the same 825 zones because that support now become resistance for as all we know that if price is trading below the previous support zone then that price can become resistance for any of security in market so we can expect a good breakout after a break of that Resistance for the target of 932 zones which was it's resistance during previous consolidations so I am sharing my idea below.


IDEA- We can go long after above weekly a close to 825 levels For that target of 932 in this execution our stop loss must be a closing below of that 825 levels on weekly basis.


NOTE-: This is not and trade or investment advice. This idea is meant for learning only. Invest your capital at your own risk


𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧

Comment:

GETTING DAY CLOSE ABOVE RESISTANCE, DAILY CANDLE BASIS

Comment:

CROSSED 50 DAY EMA, WAITING FOR 100 EMA CROSS TWO THE YELLOW ONE

Comment:

NOT GET A BREAKOUT CLOSE

Trade active:

GIVEN A WEEKLY BREAKOUT CLOSE

Comment:

TRADING OK ABOVE BREAKOUT

Comment:

WEEKLY CLOSE ABOVE BREAKOUT, BUT NOT IMPRESSIVE WILL WAIT FOR TARGET OR STOP

Trade active

Trade closed: target reached:

FULL TARGET ACHIVED OF 932 FROM 825 GAINED 13% SO FAR, NOW LOOKING MORE BULLISH MOVE CAN COME, LAST AND FINAL UPDATE FOR THIS IDEA WILL PUBLISH A NEW IDEA ON THIS.