Sanofi Sideways breakout Buy above 6240

11 במאי 2023

• Sanofi has recently taken support from a monthly demand zone and broken a weekly demand zone on the daily timeframe with huge volume.
  
• The stock was in a downtrend from August 2021 until October 2022, which was phase 4 markdown.
  
• Since October 2022, it has been trading sideways, which can be considered accumulation phase 1.
  
• Today, the sideways breakout has happened, which can be phase 2, meaning mark up.
  
• Plan to buy above today's high of 6240 with a buy entry planned for tomorrow if the high is broken. The stop loss should be around 6070, and the target should be below the
• weekly supply zone at around 6532, making the risk to reward ratio approximately 1:1.5.
  
• After reaching the target, trail your stop loss and targets upside for more profits.
  

I am not a SEBI registered individual; my analysis is only for educational purposes.
If you find my analysis helpful, I'd appreciate it if you could like it and follow me on TradingView for more analysis like this.

6 ביוני 2023

הערה

Sanofi has breached all Supply zones