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Sanofiindia

Sanofi Sideways breakout Buy above 6240 Sanofi has recently taken support from a monthly demand zone and broken a weekly demand zone on the daily timeframe with huge volume. The stock was in a downtrend from August 2021 until October 2022, which was phase 4 markdown. Since October 2022, it has been trading sideways, which can be considered accumulation phase 1. Today, the sideways breakout has happened, which can be phase 2, meaning mark up. Plan to buy above today's high of 6240 with a buy entry planned for tomorrow if the high is broken. The stop loss should be around 6070, and the target should be below the weekly supply zone at around 6532, making the risk to reward ratio approximately 1:1.5. After reaching the target, trail your stop loss and targets upside for more profits. I am not a SEBI registered individual; my analysis is only for educational purposes. If you find my analysis helpful, I'd appreciate it if you could like it and follow me on TradingView for more analysis like this.
NSE:SANOFILong
by AfnanTAjuddin