Formation of Symmetrical Triangle Pattern in BRITANNIA

19 lug 2021

In BRITANNIA, We seen a fine symmetrical triangle pattern formation. Currently it's forming its 3rd wave of this pattern. Expected it will complete its final wave in first week of august month.

1) Current Stage Position(Long Trade):
Currently this trading near support level and expected it will take this support and take reversal towards the resistance trend line and form its 3rd wave. Expected this process take 10-15 days. So we can take long position at this level with stop loss below the support trend line and target is resistance trend line. According to pattern projected initial target in between 3620-3630.

2) Near Resistance Position(Long/Short Trade):
Once BRITANNIA complete its 3rd wave there will be 2 possible trading situation occurs. First one is for long position after breakout and another is short if reversal. According to previous trend more chances it will give reversal from It's resistance level so we can take short position on reversal with stop loss above resistance trend line for target of support line. If this reversal happened more chances it will give breakdown of support trend line also and go for further target downside of 2950-.
On a same level We can't ignore breakout situation. In same time period there have earning release of BRITANNIA so this fundamental trigger also impact on the behaviour of stock near its resistance level.

Thank You,
TradZoo Team