Breaking out of the triangle

VigneshIyer Updated   
Sector analysis is one of the important aspects in trading a good momentum or capturing the right investment. FMCG might see some boost with unlock looming in few states. Thought Tata consumer has moved recently, HUL looks lucrative in terms of the positioning of the stock
The stock failed to breakout and hence the squeeze continues. Also the stock has taken support around 50% Fib retracement of the previous rally.
In weekly charts if you closely observe friday's closing for the week has created a inverted hammer taking support just above the 50% fib retracement level.
Also look at the CNX FMCG chart linked to this idea.
Trade active:
a good try and sustaining in a very volatile market. Wouldnt call it a b/o just bcos it closed a bit above the triangle since the volume is clearly lacking. should be an interesting week
The stock and the sector as a whole dint take part in the earlier bull run for 2 months and with unlock confirmed in major cities the stock is giving a vertical run.
Trade closed manually:
Retested the levels of triangle hence short term position closed. Medium term 2700+ possible with sl at 2300


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