HAVELLS Long base BO [WEEKLY]
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Should have caught this sooner, but now that I notice, HAVELLS broke out of a long range BO on weekly timeframe and this week due to volatility is pulling back a bit, one might think its a chance to get in so thought of sharing a few RS scores as well to help anyone consider that thought:
16th Feb - 27
23rd Feb - 30
1st Mar - 36
Today - 41
So the RS scores have been on an upwards slope for the past 4 weeks which is a positive point. But RS score is still on the lower side which can be taken on the side of caution.
For people who like Long base breakouts, one can think of taking a position here seeing the upwards slope on RS score. Recommendation would be to take a SL here as per your comfort seeing the RS score is not too good (ideally 80 is what I look for, but rarely do we get that sort of a position).
16th Feb - 27
23rd Feb - 30
1st Mar - 36
Today - 41
So the RS scores have been on an upwards slope for the past 4 weeks which is a positive point. But RS score is still on the lower side which can be taken on the side of caution.
For people who like Long base breakouts, one can think of taking a position here seeing the upwards slope on RS score. Recommendation would be to take a SL here as per your comfort seeing the RS score is not too good (ideally 80 is what I look for, but rarely do we get that sort of a position).
Nota
Tested 50 DMA this week, held its ground, but is below the BO pivot point. For daily chart investors 50 DMA should have been SL level. For pullback investors who are overall bullish can take a position. RS Score right now is 40 which is the same as it was in early march, so the scrip is not outperforming the market. Outlook here is neutral from my personal side.
Penafian
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