Britannia 5808
Elliott- I am sure the rally is corrective. And has to be sold.
Directional Signal- double top is a directional signal. The mid point is at 4450. Hence this is the minimum tgt. This is some 23% down. The real danger will be the break of the mid point at 4450. The tgt for the same comes at 2600.
RSI - on the monthly chart the Index cannot go past bear zone and now below its MA is very negative.
Composite- we have divergence at the top and the oscillator is below the MA is again negative.
Conclusion- Now is the turn of the defensives. FMCG and Pharma. Exit them now before the mayhem in them begins.
Elliott- I am sure the rally is corrective. And has to be sold.
Directional Signal- double top is a directional signal. The mid point is at 4450. Hence this is the minimum tgt. This is some 23% down. The real danger will be the break of the mid point at 4450. The tgt for the same comes at 2600.
RSI - on the monthly chart the Index cannot go past bear zone and now below its MA is very negative.
Composite- we have divergence at the top and the oscillator is below the MA is again negative.
Conclusion- Now is the turn of the defensives. FMCG and Pharma. Exit them now before the mayhem in them begins.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.