This FMCG stock is spotted completing a complex triple three(WXYXZ)correction to a prior leading diagonal wave 1 that it had developed between October-Dec.2023.
The stock has made a 50% retracement of the 'wave 1' rise during the complex correction in the past three weeks.
Now that the corrective wave is nearing its end(or already ended), the stock should be expected to make a ''U-turn" from current levels and should attempt to move towards the INR 580 mark in coming weeks/months.
INR 520 can be used as an "SL" on the downside.
At current levels, the stocks offers an attractive risk reward of 1:5 for a short term trade.
Note*- Views are based on personal opinions/observations. Please do your own research before making any trading/investing decisions.
The stock has made a 50% retracement of the 'wave 1' rise during the complex correction in the past three weeks.
Now that the corrective wave is nearing its end(or already ended), the stock should be expected to make a ''U-turn" from current levels and should attempt to move towards the INR 580 mark in coming weeks/months.
INR 520 can be used as an "SL" on the downside.
At current levels, the stocks offers an attractive risk reward of 1:5 for a short term trade.
Note*- Views are based on personal opinions/observations. Please do your own research before making any trading/investing decisions.