RELAXO has been following a bullish ascending parallel channel as observed in daily and weekly timeframe and close to breakout levels from this channel pattern as it scales it all time high.
Indicators confirming/strengthening our bullish conviction for RELAXO:
The Stochastic RSI gave a leading crossover indcation at levels of 1340 which was confirmed by the long bullish candle with an high of 1408.
This confirmation candle broke out of of horizontal parallel channel in which the stock was consolidating for around 18 trading days and also gave a clear MACD crossover.
Action:
Either investors can wait for retest of 1380 levels for buying opportunity or else if the stock breaks open out of ascending channel pattern then buy at levels above 1450.
Fundamentally STRONG stock can be hold for long term.
Indicators confirming/strengthening our bullish conviction for RELAXO:
The Stochastic RSI gave a leading crossover indcation at levels of 1340 which was confirmed by the long bullish candle with an high of 1408.
This confirmation candle broke out of of horizontal parallel channel in which the stock was consolidating for around 18 trading days and also gave a clear MACD crossover.
Action:
Either investors can wait for retest of 1380 levels for buying opportunity or else if the stock breaks open out of ascending channel pattern then buy at levels above 1450.
Fundamentally STRONG stock can be hold for long term.