Dabur has been trading in a channel pattern for a while now and today has shown signs of taking support and the demand zone of the channel pattern.
Water for the candle formation on the positive side in order to plan a long trade where the supply zone of the channel pattern can be the possible target.
The stock has broke out with good volume on 3rd August and has respected the previous resistance as a new support.
One can enter with a risk reward of 1:1 initially and trail the stop loss accordingly.
The possible stop loss can be at the low of the Morning star formation on daily chart on the days 30thJuly,2nd & 3rd Aug.
Stock has is moving in a channel pattern and has taken support near the demand zone of the channel pattern.
It is also taking support at the 200 moving average for additional confirmation.
Good opportunity with good risk reward
There was beautiful breakout of triangle pattern and post breakout the stock has stayed bullish.
Also, the over all trend of the the stock has been bullish. Enter based on the candle stick pattern formation and look for the mentioned targets.
PS: Education Purpose only
Stock in moving in a channel pattern and has taken support on the demand zone which coincides with the 200 moving support.
Entry as per the price action-candle formation on 6th else wait for the trend line break out.
As they say history repeats itself in the markets too, earlier EICHERMOTORS has broke out forming ascending chart pattern with support zone being the long time demand zone, looks like it is forming a similar ascending triangle pattern again, Look for buy opportunities in case of breakout