Tuesday, August 9, 2016

Channel breakout in Britannia

Britannia Industries chart had a typical breakout formation yesterday. Since last one year, precisely since Aug 15, chart was trading in a channel. Yesterday, the stock has exploded with volumes out of this trading channel. This has also confirmed Up Flag Pattern formation. This Flag would be more prominent on weekly chart.(weekly candle yet not completely formed). There is support area near 2995.

This breakout is expected to push the stock prices to higher levels. 


Disclaimer: The contents produced here are purely for educational purpose. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on above write-up.