DABUR Long opportunity

11 Jul 2022

DABUR

Stock -> Dabur

TimeFrame -> Weekly

Hello all!
Dabur has been moving in a channel since March 2018. It came back to its lower trendline in June 2022, bounced back, and broke trendline 1 with good volumes. This we believe makes for a good opportunity to go long.

There are other reasons which strengthen our conviction:

1) The lower trendline from which the scrip bounced back off of also coincides with the strong 200 EMA.

2) The breakout of trendline 1 happened with good volumes.

3) Stock took a bounce from its golden Fibonacci zone (between 50% and 61.8%) not shown here to avoid confusion.

Risk-averse traders can wait for closing above the Resistance zone. Although accumulation in small quantities can be done. The Risk-Reward ratio also seems decent.

*NOT A CALL*