Relaxo Technical analysis - Long term Daily chart
Relaxo corrected about 40% from ATH and consolidating since Nov' 2021. The stock is trading at support trend line drawn from July 2017 and the stock price never broke the support line from last 5 year.
The stock bounced back 10% from the 54 week low and will be testing the support line at 760-800 levels in the coming months. With the stop loss of 20% one can take a directional trade for the long term of 3-4 years for 50% returns.
Buy levels - 780-840
Sell - First Target - 950
Second target - 1070-1120
Target - 1360
Stop loss/Average - 600-640
The stock bounced back 10% from the 54 week low and will be testing the support line at 760-800 levels in the coming months. With the stop loss of 20% one can take a directional trade for the long term of 3-4 years for 50% returns.
Buy levels - 780-840
Sell - First Target - 950
Second target - 1070-1120
Target - 1360
Stop loss/Average - 600-640
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