The Stock formed a Double Bottom on a Daily Time Frame with a breakout on the upside in previous month, after the breakout the stock has yet not met its target  and a retracement is seen in the stock.

A buying opportunity has been created in the stock after retracement.

A stock is trading above the Long period MA and trading below short term MA, for going long the stock needs to close above both the MA, volume has been declining during a retracement showing a lack luster declining. Buying can be done in the stock once volume supports the buying pressure.

We are expecting volume to increase in buying which will confirm the trend, price needs to trade above both long and short period MA to confirm the trend. Long position can be created once price trade above both the MA and volume confirming the uptrend with RSi trading above 50

Advice : Buy Pair if following conditions are met.

Double Bottom

KUNAL KAMBLE

Dec 24 2022