Radico Khaitan, Buying Opportunity..!!As of 20/5/21
Current Trend: Sideways
Resistance levels: Around 566 price levels (Broken today with volume)
Patterns formed: Flag pattern
Single candlestick pattern: Bullish marubozu
RSI: 66
MACD: Short line over Long line
Analysis: Flag pattern's upper resistance level, as well as horizontal resistance level, is broken on 20/5/21 with very high volume and a bullish marubozu candlestick pattern is also formed. Moreover, RSI is above 60 and MACD is also giving a positive signal. 5 Day MAE is also above 13 days and 26 days Exponential moving average.
All such indications suggest going for a long position (Buy).
**A slight correction can be seen in the stock price in the coming days up to 578-580 levels before moving in the upward direction.
Stoploss should be around horizontal resistance level.. ie. 565-567 price levels.
The initial Target can be up to 10%.
NOTE: Buy the stock only when the overall market is positive. If the market tomorrow opens negative, then chances are that the stock will correct up to the mentioned level.
Feel free to comment below your ideas..
