As we can see, BRITANNIA is taking resistance from a trendline since 12 April 2021. Currently, it is trading near its demand zone at 3423.45. Looking at recent day's deliverable quantity, we can say buyers are taking interest in this zone. RSI is also moving above 40.
We can consider BRITANNIA for a swing trade if it breaks the trendline with high volume.
Buying Range- 3400-3460 Stoploss- 3348 (Below recent swing) Target- 3760 Risk to Reward- More than 1:2 Duration of trade- Near 1 month
It can also take some resistance near 3550. But I believe it will break that too.
What are your views? Do let me know in the comments.
Take it as an educational purpose. I am not Sebi registered or any Stock market expert.
Always do your own research before taking trades.
Comment
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We are nearly halfway from our target. Resistance at 3550 is now acting as a support. RSI is also looking strong. Everything is looking in favor.