GM Breweries - Breakout of 18 months consolidation above 480
Price has tested 470-480 multiple times in the past 18 months and is currently in the consolidation phase / sideways Volume activity has been dry for few weeks which indicates either no interest in counter or silent accumulation. I am inclined towards silent accumulation as delivery percentage has been higher than average in the last week and significantly higher on the last effort to breakout day (yellow arrow). For delivery percentages, you can refer to the link provided below.
Entry strategy can be either of the two
1. Enter at current levels with addition to dips near last swing low of 400 and wait for breakout OR
2. Enter on breakout and add again near pullback to breakout zone of 475/480.
Targets highlighted with blue rays. Please note the idea published is on weekly timeframe.
Note: I am not registered with any financial authority in India and please do no construe the above comment as an investment advisory/ financial advise. I would request you to kindly do your own research or speak to your trusted (and registered) financial advisor for any action.
Entry strategy can be either of the two
1. Enter at current levels with addition to dips near last swing low of 400 and wait for breakout OR
2. Enter on breakout and add again near pullback to breakout zone of 475/480.
Targets highlighted with blue rays. Please note the idea published is on weekly timeframe.
Note: I am not registered with any financial authority in India and please do no construe the above comment as an investment advisory/ financial advise. I would request you to kindly do your own research or speak to your trusted (and registered) financial advisor for any action.