WE CAN SEE AN DESCENDING TRIANGLE PATTERN ON DAILY TIMEFRAME.
IT SUGGEST THAT THE STOCK MIGHT MOVE DOWNWARDS.
SO THERE CAN BE AN SHORTING OPPORTUNITY SOON.
NOTE - THIS IS JUST FOR EDUCATIONAL PURPOSE.
IF ANY SUGGESTIONS PLEASE LET ME KNOW IN THE COMMENT BOX.
Benchmark Nifty50 breaks down below the rising channel, which held price up since 30th Sep’20. The index now confirms a series of lower-highs and lower-lows on the 75min chart - sign of short term weakness. The height of the Ascending Triangle now suggests a downside target of (11,600-11,650) for the index which coincides well with the previous swing low. So from...
I've used here 2hrs timeframe to zoom the chart for clear picture of sub waves.
The Primary Four Wave has formed 3-3-3-3-3 Expanded Triangle.
The Five already initiated with gaps and trying to develop a leading contacting triangle. After mature triangle we will see sharp move that can be upward.
1. Relaxo footwear forming a consolidation through a triangular pattern.
2. Stock has been in uptrend since it has been listed with only minor pullbacks
3. Fundamentals of the company look good. With promotion of "make in India" and "Vocal for Local" the local brands look promising. ROCE of the company is around 25x.
4. Key Levels-
Entry @ 660
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