RK Damani Stock Nearing a Triple Bottom Breakout; Key Support and Resistance Levels to Watch

Triple bottom is a Bullish Reversal Pattern that is used to see for signals in trend shift, from a downtrend to an Uptrend. The pattern is the opposite of the triple-top pattern.

How to Trade the Pattern:

• Breakout Entry: Once the price breaks above the neckline, traders look for a buying opportunity.

• Target Price: The expected upward move is approximately equal to the distance from the top and bottom of the pattern.

• Stop-Loss: Placed below the lowest bottom of the triple bottom 

AVENUE SUPERMARTS or DMART has formed triple bottom on its Daily chart 

The Breakout level for the Triple bottom is Rs. 4,025, and the opening price for Wednesday is Rs. 4,030. The next resistance for the stock is Rs. 4,490, marked in red, and the nearest support is Rs. 3,875 marked in green. The chart clearly illustrates that the stock has consistently rebounded from this zone on multiple occasions.

About the Company

DMart (Avenue Supermarts Limited) is one of India’s leading retail chains, specializing in supermarkets and hypermarkets. Founded in 2002 by Radhakishan Damani, the company is headquartered in Mumbai, Maharashtra. DMart operates across various regions in India, offering a wide range of products, including grocery items, apparel, home essentials, and personal care products. 

Written By Abhishek Das

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