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Dixon Technologies (India) Ltd.Dixon Technologies (India) Ltd.Dixon Technologies (India) Ltd.

Dixon Technologies (India) Ltd.

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DIXON trade ideas

2 year rounding bottom breakout + retest in Dixon Tech.Background: With a massive ~8x post covid rally, Stock gave highest closing of 5753 and entered a long consolidation beginning Oct'21. Strong Breakout (With reasoning): With 2 years of consolidation and making a rounding bottom, the stock finally broke out and closed at 5951 on 1 Dec 23 along with good volume buildup. Post breakout, it consolidated again making a high of 6670 (sign of a healthy breakout). Now, with breakout of this range, dixon is ready for a massive rally of ~56% being the gap between the low of round bottom and resistance. Entry, Stop Loss and Target (With rationale): 1) With the stop loss at 6300 (low of Breakout candle), first target comes at 7600 (Being 2:1 risk reward) 2) 2nd Target at 8500 (1.6 level of fibonacci) 3) 3rd one, 9300 final target.
NSE:DIXONLong
by CA_AB_77
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