Positional or Longterm Opportunity in Relaxo

Nimish_Ghagare Updated   
Go Long above 858.1 for Targets of 925.35, 992.6, and 1059.85 with SL 790.85

Reasons to go Long :

1. On a Monthly timeframe if we draw the Fibonacci retracement tool from the all-time swing low (point A) to the all-time swing high (point B) then we see stock took support from the 0.5 Fibonacci level.

2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.

3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
Target 1 Achieved

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