The stock has formed a bearish ABCD and also at resistance.
RSI and Stoch are in overbought region so potential reversal zone.
One can short as per the chart.
Short entry below 1270 with SL 1360
The stock is contracting in ascending level , if makes upper line brakes and confirms the trend the its going to make another bull run for 10 %
if drops below the lower trend line and makes a consolidation then it will spike up and then starts heading for downward trend
Lets see how it unfolds
Emami on verge of breaking out from 2 yrs of consolidation. Stock has formed a huge 495 rupees symmetrical triangle between 1365 and 870. Breakout above 1200 will give an upside tgt of 1200+495= 1695. Stock is part of my investment portfolio for last 3 yrs.
Actually I planned this stock as Intraday setup only but when looked up on larger timeframe there were 2 triangles, triangle within a triangle, if you are Intraday trader go down on timeframe & take the bullish breakout of smaller triangle. If you are swing trader, obviously the bigger triangle is for you in Emami. Let's see whether Navratna oil keep us cool or ...