Awesome structure and highly bullish. There is a breakout after spending good time between 365 and 380. Fib retracements can be used for targets, have plotted 100, 161 and 200. Stop at 375.45
NSE:DABUR has printed a bullish PINBAR at its 200EMA and near term support as shown in chart
i will go long around 325 with stoploss of 320 for the first target of 335
Dabur has formed a rounding bottom pattern on daily and weekly charts.
Buy above: 317
Target1: 350
Target2: 375
SL: 296
PS: There are different school of thoughts on trading a rounding bottom pattern, i.e entry, target, SL. Please use the entry, target and SL as per your analysis.
The stock seems to be in demand zone and getting support from trend line. The Pitchfork is catching the price behaviour beautifully so we can expect a rally till median line. Stop loss of Low of yesterday is quite small affordable so one can buy the stock now for a target of 290.
Wave count in this scrip looks like the wave C of the flat correction is under progress. Break below 260 can take this script to a minimum target of 230.
* Rallies stuck @ Fib number - Will Fib series continue?
* Channel Breakouts (Red Lines)
* Higher or Equal lows @ support line of channel (marked dashed blue)
It is been observed on a daily chart that the price action forms a bearish harmonic pattern known as Bearish Garltey pattern where the D leg is near to 88.6 retracement levels of XA leg and also 1.618 Fibs extension of AB leg.
Now it shall retace back to 38.2% levels of AD leg at around 290 levels.
Target: 290
Stoploss: 305
Formation looks like an expanded flat for Dabur. The final corrective wave C is o=in the formation with the completio of wave 1. The correction is expected to pull the price to around 200 levels in the long term. First target can be around 250 ~ 230 levels.
