NSE:BRITANNIA long time consolidation breaks upside resistance.
My entry point is 3800, will hold till 4150. (following stoploss trial)
My stop loss will 3700 (100 points only)
Note: This is my personal analysis, only for learning.
Britannia ha been trading in a parallel channel for some time now it has given a breakout, we can make positions for the upper marked targets.
Buy above - 3575 (wait for a pullback)
Targets mentioned in the chart above
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Britannia trading in downward channel if its gives breakout from it we can buy it above price of 3460 for target of 3510 and 3550 with stop loss of previous swing low 3410 on hourly closing basis.
Britannia saw a good move from 3370 levels, moved above its recent high around 3555, and then taking support at it by moving in a range from the past 5 trading sessions.
Now considering the recent price action, it looks like if it sustains 3500 levels, it could move towards 3800 very fast.
This is my personal view on the stock, please feel free to comment what's...
Stock is currently trading at a good support level i.e 3430 - 3420.
And at support, it has formed bat pattern with a prz around 3400 levels.
Considering the previous and recent price action, it looks like the stock is getting ready for a temporary bounce back up till 3550 - 3600 levels in the near term.
Trade type: Swing
Bet type: Contra
Risk reward: favorable.
