The analysis is done purely on basis of price action and chart patterns.
The analysis is done on Daily TF with a long term view. Hence price may take several weeks to months to reach the target.
Trade Set-up as well as logic has been given in image itself.
Kindly refer the below chart of NIFTY CONSUMPTION chart - RELAXO is a part of NIFTY CONSUMPTION INDEX.
Relaxo Footwears have broken out of the Channel/Triangle pattern and has retested the breakout area. Entered long with strict stop loss. If going further below, better to exit without a second thought.
Possible target just below a recent resistance area.
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A Bearish candlestick pattern called Three Black Crows has been found in Daily chart pattern of Relaxo Footwears.
Everyone is aware of Corona Virus Pandemic, and it's effect. Company has publish very poor numbers in last quarter.
(Target as below)
In last trading session price breach 50 EMA but eventually closes just above....
Relaxo Footwears Ltd. engages in the manufacturing and sale of footwear products. Its brands include, Flite, Sparx, Schoolmate and Bahamas. The company was founded in 1976 and is headquartered in Rohini, India.