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 ...
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.
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...
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Now, why i am saying that britannia is in heavily bullish trend because if you look at the previous closes then you will notice that a strong breakout and heavy green candle
i also modified my STOPLOSS and a particular point and my whole team
i generally like to trade this type of very good fundamental as well as...