Is trend reversing in Godrej Consumer?
• Price is exactly at a point for breakdown of the trend (4th time trying to breakdown)
• 0.236 level will it break or take support to go up?
• Price about to touch 50 EMA
• Bullish since May
• RSI strength is reducing and is below 50
• Price is lower than previous higher highs
• Perfectly trying to reverse...
Charts Looks brilliant and has been in momentum. The build up started with a gap up opening and then the gap never filled which shows strength . Then there has been a multiple Rounding bottom formation . After this rounding breakout the stock could move Quickly.
Suggested a long trade at 860 on godrej consumer pr with a first target at 919
IT touched 918 today
TARGET 1 ACHIEVED!!
7% RETURNS BOOKED
TARGET 2 IS ON
BOOK SOME QUANTITY HERE
TRAIL STOP LOSS
FOLLOW FOR MORE REGULAR UPDATES!
A clear Inverted Head and Shoulders pattern can be seen on the weekly charts, indicating bullishness. A breakout of the Inverted H&S pattern is seen. Further, a breakout of the 2 year long resistance point accompanied with a retrace is seen. (OPEN THE CHART FOR DETAILED VIEW)
Entry: CMP (860-861)
Target 1: 918
Target 2: 972
STOP LOSS: 802 (Closing...
Godrej Consumer Products has not only given a huge breakout but it has also given itself ample fundamental support as well with excellent results and new CEO appointment. Keep a Stop Loss at Rs.770 and you should be fine in this one. It is definitely one of the good FMCG companies out there.
NSE:GODREJCP has been correcting past few years and now it is up for repeating the history of early 2000s.
The stock has given wonderful returns since inception. It was observing certain correction which was clearly ended in 2020. The quarterly numbers confirmed more rallies to the upside to come.
GODREJ CONSUMER, Weekly Chart
Has given Break-out of H&S pattern at 780,
with Good support ot RSI, MACD, & DMI ADX.
StopLoss of 753,
can show levels of 859, 978, & 1115.
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My studies are for Educational purpose only.
Consult your Financial Advisor before Trading or Invseting.