Britannia looks good to buy if sustains above 3875 for the marked targets on the chart until 3810 is intact on the downside on a closing basis.
To motivate me, Please like the idea If you agree with the analysis.
InvestPro India Team
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.
I have spotted a very clear double bottom pattern on the chart of NSE:BRITANNIA
The neckline has been broken with force and with volumes. The 20 period moving average confirms the trend we are pursuing.
Taking a trade at this point might be risky as the risk to reward is not favourable but keep this setup in mind for the next few days.
BRITANNIA has been narrowing its movement range between two converging lines and the formation is resembling a triangle pattern. Right now it seems to be facing rejection from the upper line of the pattern. One could go short with the following levels in mind:
SHORT BELOW: 3575
STOP LOSS: 3645
TARGET 1: 3505
TARGET 2: 3435 ...
1. Possible change in MS underway
2. Volume expansion at BO
3. Falling wedge pattern
4. Trendline breakout
5. Waiting for retest
6. Support zone: 3320-3370
7. Target: 3760, 3847, 4008
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
P .S: This is NOT investment advice. This chart is meant for learning...
This Trade idea is for 31.03.2021
If Breaks 3632 level then go for buy.
If Breaks 3590 level then go for sell
Entry points marked in yellow
NOTE: For perfect entry watch it on 5 Min candle, If trade goes bullish we can see new 52 Week's High.
For Safe Trade:
Book Profits after 1st target hit or book 50% and trail SL and wait for 2nd target to hit Or Close the position.
Hey Traders, Here is another analysis and of Britannia.
Please support and guide me, if there's any mistake made by me!
Levels mentioned on chart.
Can long and short only after closing below or above of the supply zone.
The Grey area is the BRITANNIA's most crucial and heaviest Support zones if that level breaked then the stock perfectly went into down trend and cant be sustained
as i am showing an arrow of upward indication as per my analysis its 99% possible that stock can turned into reverse mode, We just needed two things to create position for a perfect...