It's a BREAKOUT on the chart of Godrej Consumer!!!!
A CLear BREAKOUT from a major resistance, bullish daily close, beautiful support on a trendline, and the next resistance is 16.55% above.
Godrej Consumer and The FMCG Index have been on the uptrend for the last one year. Codrej CP has been taking beautiful support on a trendline which can act as a stop loss and today this stock has given a BREAKOUT from a major resistance with a bullish daily close. To make an entry we should wait for this weekly close for the confirmation of this BREAKOUT.
This stock has the immediate potential to give a 16.55% of return against the stop loss of just 3.10%.
In the Long run, it has the potential to give 44% gains from today. (Based on Fibo Retrenchment)
Godrej Consumer and The FMCG Index have been on the uptrend for the last one year. Codrej CP has been taking beautiful support on a trendline which can act as a stop loss and today this stock has given a BREAKOUT from a major resistance with a bullish daily close. To make an entry we should wait for this weekly close for the confirmation of this BREAKOUT.
This stock has the immediate potential to give a 16.55% of return against the stop loss of just 3.10%.
In the Long run, it has the potential to give 44% gains from today. (Based on Fibo Retrenchment)
Trade active:
Today, initially the index drag downed this stock but as I said earlier we have a strong support around 974, it bounced back and formed a bullist candle with a long wick.
Comment:
Stay in this trade with a stop loss of 973.