Here is a stock to watch before going into a position.
Let’s focus on SPENCERS. Following a consistent correction in the company’s share price, an upswing may arise. In this scenario, there is hope for a long rally!
Stock to Watch
SPENCERS RETAIL
CMP 70
Overview
Spencers, a well-known retailing behemoth, has adapted to changing market dynamics. Originally known for supermarkets, it now incorporates hypermarkets, making it a one-stop shopping destination.
By embracing technology, implementing digital strategies, loyalty programs, and inventive marketing, Spencers has successfully navigated the move to e-commerce and consumer preferences. Spencers intends to keep innovating with cutting-edge technologies such as AI-driven inventory management and tailored shopping experiences. Its growth plan may include strategic expansions and collaborations with developing brands. Spencers, a retailing behemoth at the crossroads of history and innovation, is primed for future success as a result of its dedication to adaptation, sustainability, and customer-centric tactics.
Technical View
The correction in SPENCERS share price that began in 2019 continued for nearly four years. Three waves of corrections have occurred according to Elliott Wave theory. Waves A and C in this pattern each have five sub-waves, generating a common Zigzag correction. The weekly chart of SPENCER RETAIL demonstrates the clarity of this corrective trend.
We can be confident that the motive wave continues to run because we see five sub-waves of Wave C.
Even throughout the correction period, when one lower low followed another, the price movement’s character has shifted this time. Here’s a stock to keep an eye on before investing.
The price has crossed above the previous lower high. Is this the first sub wave of the impulse? Can the price go on a sustained rally after a small correction? If the position is taken, it is safe to proceed by placing the stop loss at each higher low.
