Relaxo has shown us an excellent example of Breakout and retracement after it.
It was consolidating in a Range and recently gave a Breakout.
The volumes on the day of breakout were pretty attractive and high showing us that Heavy buying was done in it.
A Good Candidate For swing Trading for 1-2 weeks of holding period.
Risky Traders can Enter in it on CMP . But if the stock opens inside the Green Box then we would wait for Day Closing above it.
It is Risky on CMP Due to some selling pressure in major Indices.
Safe trader can Avoid or Enter if Day Closing is done above 1240.
Targets - 1250-1280-1300-1320
Stoploss- Day Closing below 1140
NOTE - This Idea is Only for Educational Purpose, We would not be responsible for any Profit or loss
So do your own research too.
Made a Low of 1150😞
Sl Not Hit
And now Above Cost Price🤩
Soon all Targets Would Be Achieved 👍
The area Drawn Is now of no use
Traders can exit CTC
Now Entry Is Possible only if Dy Closes above 1232