Amara Raja Batteries long opportunity
NSE:AMARAJABAT
Hello People!!
Amara Raja batteries has been on my watchlist since the start of 2021. It gave a beautiful breakout in October 2020 and I was waiting for a retest. Finally, it is happening now.
We can also see that along with a retest of the trendline, it is also consolidating in a flag and pole pattern for quite some time now. The stock is already at decent support and also at 50% Fib level.
All these factors along with a good Risk to reward ratio contribute to it being a good long trade.
Personally, I wouldn't be jumping at these levels. I would wait till there is a strong candle close above 61.8% Fib level.
Would love to know your thoughts on this!!
*STRICTLY NOT A BUY CALL*
Hello People!!
Amara Raja batteries has been on my watchlist since the start of 2021. It gave a beautiful breakout in October 2020 and I was waiting for a retest. Finally, it is happening now.
We can also see that along with a retest of the trendline, it is also consolidating in a flag and pole pattern for quite some time now. The stock is already at decent support and also at 50% Fib level.
All these factors along with a good Risk to reward ratio contribute to it being a good long trade.
Personally, I wouldn't be jumping at these levels. I would wait till there is a strong candle close above 61.8% Fib level.
Would love to know your thoughts on this!!
*STRICTLY NOT A BUY CALL*
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