Relaxo Long (02 Aug)
RSI- 64
crossed 50 day EMA, Above average volumes since last 8 days
Buy at CMP- 1023
SL- 988
Target- 1085, 1120
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Relaxo has corrected almost 35% from it's peak
And currently trading in same range for last two months
It is trying to range breakout which could give it at least 10-15% upmove in short run provided market doesn't go in negative sentiment
Worth monitoring and riding if it follows the expectation
According to candlestick chart or price movements good time to entry
Today price Breakout Bollinger upper band without high volume indicates buying interest
Relaxo is forming kind of inversted HNS in daily timeframe and breakout is still due.
Note that there is no volume as of yet so it's a wait and watch.
Once it breaks out it can show a potential upside upto 1100 levels.
The chart speaks for itself.
S1 seems like a good buying range upon a strong bounce.
If S1 breaks, S2 seems like the next best support as per Fib and Price Action as well.
RSI has reached 30 in weekly chart showing some MOS.
The PE ratio has been high due to fall in EPS this year. However, such setbacks are temporary in nature for a fundamentally strong...
Relaxo Footwear has been constantly falling for some time with today's Low of around 1005, The counter is seeking support at around 1010 - 1011 Levels. The Q4 results have not been so good for the counter. Both Sales and and Net profit have fallen both on QoQ AND YOY Basis. The stock may fall further to take support at 0.5% Fib. Levels i.e around 974 to 975...
On the daily chart, RSI of 9 days crossed below RSI of 21 days and no sign to move up. Expecting a price correction to 1200 levels from here (CMP1318) which is around 10%.
If selling pressure increase it may go up to send level of support at 1140 which have less chances.
Therefore buying range would be around 1200 levels if RSI indicates for positive side. I...
Watchlist stock. Not quite ready for a BO.
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![RELAXO: Relaxo Footwear [Daily]](https://s3.tradingview.com/n/niV9LbEh_mid.png "Relaxo Footwear [Daily]")
