Has broken out of a strong resistance level on 16th july.
And now above that level.
A good buy will be on dips at around 420 or even CMP 430 can be bought small qty. Targets marked in Light blue. (444)
Sl will be around 423 just below the support level of 423.4
Lets see
The chart shows strength on daily and weekly chart. With hourly and minute the chart appears weak.
The only thing thatgives confidence is that 22 EMA has breached the 50 day SMA and till 390 level is sustained no need to panic.
If breaks 390 we may see 365 level.
on weekly chart it is clear cut uptrend sentiment building with building a bullish chart pattern "W". The Fibonacci level support exactly matches and confirms the trend will move to uptrend.
ON WEEKLY CHART DABUR INDIA IS SHOWING A TREMENDOUS BULLISH SIDE WITH "W" chart formation,i have indiacted my view/personal opinion that is stock will boom up to the level as indicated by me on chart with optimal risk and reward ration.
(1) Price is not able to break the 200 EMA
(2) The price has touched the 50% Fib retracement and was not able to break it for 3 trading days
(3) RSI is in downward mode.
(4) Go short at 396-395 and target 385
Timeline: Daily
Trade: Delivery
DABUR INDIA on the Weekly appears to have a Doji at a strong support zone. If the price sustains above the HIGH of this Doji then, reversal is possible.
It certainly worth confirming this reversal and then enjoy the LONG ride!
Dabur is about to break downward trend line on daily candle chart, above 404 will be bullish break out and should be buy with SL of 399.
Target 1 444
Target 2 470.
Target 3 491
