This is weekly chart of DABUR on NSE (INDIA) with CMP @ 395,65. Following observations on chart indicate that it is an excellent chart formation based on technical for investment.
1. It is an up trending stock. Kindly look to trendline drawn with multiple supports shown by arrows.
2. Now, it has taken support at around 364 which was resistance price line during Oct 2017 to April 2018.
3. Price has broken EMA50 (upside) and showing bounce back.
4. RSI has multiple supports at around 40 and now it has once again support at 40 and showing reversal.
In view of above price actions, it looks an excellent formation on chart to consider the stock for investment with stop at 308 which is just below horizontal resistance line shown on the chart. This line is also below established trendline as shown on the chart.
Happy investing....
1. It is an up trending stock. Kindly look to trendline drawn with multiple supports shown by arrows.
2. Now, it has taken support at around 364 which was resistance price line during Oct 2017 to April 2018.
3. Price has broken EMA50 (upside) and showing bounce back.
4. RSI has multiple supports at around 40 and now it has once again support at 40 and showing reversal.
In view of above price actions, it looks an excellent formation on chart to consider the stock for investment with stop at 308 which is just below horizontal resistance line shown on the chart. This line is also below established trendline as shown on the chart.
Happy investing....