Britannia price action analysis. Time for a pull back?

Sanjan91 Updated   
Britannia's stock price has fallen after it reached the potential reversal zone or supply formed by the XABCD bearish shark pattern.

The price took the correction until point C of the pattern which is an ideal ultimate target for the shorts who followed this pattern. Recently after the correction, it rose and broke out it volumes above the PRZ.

Considering RSI at 80 and the price at the major supply zone from where it had been rejected twice before, the price may come down to have a pull back test. If the price bounces off the PRZ or the supply zone , this PRZ/ supply zone will become a strong demand zone .

On the other hand, breaking and sustaining below 3720 and the red trendline will confirm the downfall.

We can see a ABCD pattern , which has a fib price extension of 2 at 4042. Above this level the price may have a good long rally.

If price tests the prz and bounces off, then go long above 3720 or 3815. You could 6-10% rise until 4042. if the price sustains above 4042 add more qty and have trailing stoploss. Strict stoploss at 3720.

A fall up to 3650 could come below 3720.

Happy trading :)

This is not investment advice. Please consult your financial advisor before investing.
Trade active: Looks like the pullback we have anticipated took place. The volumes were also high in extension. To be absolutely sure, let the price cross the supply zone.
Trade closed: target reached: The price is near the ABCD pattern's extension. You can book your profit completely and wait for the price to sustain above 4042 and then go long again.
Comment: Closing above 4048 on a daily timeframe with higher volumes is needed for a breakout.


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