RELAXO trade ideas
Relaxo Footwears (Pre - Results Analysis) | Good Move PossibleNSE:RELAXO
Relaxo Footwears has been into a tight consolidation zone since the past few weeks, with quarterly results
Last Quater due to weak results the stock had shipped down 10%, however, it came back to it original price gradually, the current consolidation happening in the stock is forming an ascending triangle pattern (which is considered as a bullish pattern) however with results on the go that will be announced on 26th July'22 (Tuesday) I am slightly positive about the results of this quarter
So here is my Trade plan, Though I am bullish I will wait for the confirmation by price action, when the candle closes above the level of 1017, and gives a re-test/retracement on the level of 1017. I will plan to take a long position with a target price of 1111-1115
Also last quarter showed us that the costs pressures for the company had deeply hurt the profitability of the company, let's see how did company plan and take action on the last quarter's issues.
Hoping for a positive Quater
Do Support by Liking and Commenting on our Post as it motivates us to post more such ideas
Disclaimer - The idea shared is just for educational purposes with no intention to promote the company, before investing kindly do your own research and also consult your financial advisor, I am not a SEBI registered individual.
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NSE:RELAXO
Relaxo BreakoutThe stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near resistance.
RelaxoRelaxo Footwear was facing strong resistance around 1332-1345 from past almost 2 months & get rejected around these levels multiple times.
Today, Relaxo managed to break past these levels & trading above it comfortably although with not that good volumes.
Could be bought with mentioned stop-loss & targets.
RelaxoRelaxo Footwear broke resistance & now trading below that but with good volumes it looks like it ll break again n trade above it.
Could b bought with said sloss & tgts most probably intraday.
Relaxo- Swing- Bada breakoutBada Breakout- Relaxo #thepowerhouseideas
Breakout of range
Huge volume on weekly and Daily charts- much more than so many days
Gradually increasing on daily
Retracment can be seen a bit- can be accumulated till 1260 levels
Stop loss below swing low as highlighted
(Only for educational Purposes)
Relaxo- Swing- Bada breakoutBada Breakout- Relaxo #thepowerhouseideas- youtube- for learning
Breakout of range
Huge volume on weekly and Daily charts- much more than so many days
Gradually increasing on daily
Retracment can be seen a bit- can be accumulated till 1260 levels
Stop loss below swing low as highlighted
(Only for educational Purposes)
Bullish on Relaxo(Daily)
- Bull flag pattern breakout
- Above Short & Medium term moving averages
Target 1335
Breakout Relaxo has been one of the market leaders in footwear..OPM has been increasing steadily... breakout from channel with large volumes, always a good sign.
CMP -1035
Target - 1111 ( short term)
Calculate you RR ( risk reward) ratio properly before taking the trade. Best entry would have been 996 or thereabouts... i have marked the target levels considering S&R.
Cheers
RELAXO- Triangle Pattern Breakout & Retesting - Swing/InvestmentThe 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.
The above analysis is for learning purpose and traders should do their own study before entering into any trade. Trade with your own money & risk management.
Feel Free to comment for any query regarding learning price action or for any suggestion.
RELAXO up or down RELAXO both side moves are possible let the market side what it have to do ?
what do you think guys which move you think is possible and have more probability ?
let me know your opinions :
Relaxo Break Out and RetestRelaxo 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.
