The stock Renaissance Jewellery has come out of a perfect rectangle. Although stock has seen a sudden spurt with volume expansion one can wait for some more pullback to get invested in the stock. See the RSI going above 70 showing some signs of been overbought but that does not guarantee a pullback. The breakout point has been about 95. So the long term investors can have a stoploss around 5 points lower ie 90.Also this is a weekly chart hence only suitable for medium term investors. Although this is less known company I looked at the shareholding pattern. Promoters hold around 73% which indicates healthy participation. Happy investing. Do drop comments if you want to discuss the chart.
The pullback that we were waiting for finally arrived. Had few positions around 102. The stock is around 108. Can invest at current levels with a stop at 98
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