Britannia is at the bottom of the triangle...Britannia is following a triangle pattern. A good time to ride a short wave before a breakthrough.
BRITANNIA trade ideas
BritanniaPrice is testing previous breakout and near 200 EMA on daily time frame.
If it renters the triangle then further downfall can be seen however the chances of taking support here are very high.
Wait for price action and enter accordingly.
I will be more biased on buying side.
Just for education
BRITANNIA -Towards 3800 levelsBritannia saw a good move from 3370 levels, moved above its recent high around 3555, and then taking support at it by moving in a range from the past 5 trading sessions.
Now considering the recent price action, it looks like if it sustains 3500 levels, it could move towards 3800 very fast.
This is my personal view on the stock, please feel free to comment what's our view on Britannia.
BRITANNIA: Consumption SectorSl- 3250
#CLEANANDCLEARCHARTS
WHY does consumption sector stocks like ITC, BRITANNIA, NESTLE does not participate in this whole rally of nifty?
EVEN these were the few sectors which were used throughout the lockdown and then also it didn't give breakout or 100-200% return.
BECAUSE at that time everyone knew that consumption sector is never going to be in bear phase and when everyone new something then it will eventually not happen in Stock Market.
It is a BLUECHIP stock and it won't start rallying from tomorrow. It will take some time, if nifty starts retracing this week then it will participate.
And in next Index rally will outperform.
CONSUMPTION sector stocks are like metal sector - They have their own Cycle(Periods of consolidation)
so PLAN OF ACTION is try to buy every dips towards that yellow zone( the more closer to yellow zone= less SL)
(Will post analysis of ITC, Nestle, HUL, Dabur)
Queries in comment section.
Triangle breakout in BritanniaNSE:BRITANNIA
The stock has fallen 10% from it's 52 week.
The trend line acts as a strong support and resistance respectively.
*Trade Confirmations*
:- The monthly central pivot range is narrow indicating a trending month.
:- Descending triangles have good success rates.
:- Consolidation near the trend line.
*Trade Setup*
:- T1 - 3550
:- T2 - 3800
:- SL - 3350
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