IronManFromFurture

Swing Trade: BRITANNIA is ready to go up due to short covering

Long
NSE:BRITANNIA   BRITANNIA INDS
I hope everything is well explained in the chart itself.
BRITANNIA INDS is forming a "W" pattern in daily timeframe .

Market View: Bullish

Buy Zone: (3590-3630)

Target 1: 3700 -3709
Risk: reward = 1:3
PS: Since 3700 is a psychological level so before crossing 3700 price may fluctuate more than usual. So be careful with trailing stop loss.

Target 2: 3850
Risk Reward: 1:7 from initial buy zone, 1:3 from target 1 as buy zone
PS: Need to be hold more than 1 week to achieve this target.

Stoploss: 3555

Reasons to go bullish in this stock.
Timeframe: Daily
- Awesome Oscillator (AO) showing bullish crossover.
- Close price is trading above: 21 EMA , 50 EMA
- RSI is above 60
- Close price is above R1 in pivots points

Trade closed: stop reached
Trade closed: target reached
Comment: Second target also reached. Cheers!!

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