Godrej Consumer - Weekly Trendline breakout
Godrej Consumers has given a long awaited breakout above a 14 month long trendline. It went sideways for around 8 weeks before closing above the trendline on weekly basis.
The BB is challenged and RSI has closed at 60, both are bullish signs. The consumer sector has underperformed in last 3 months and Godrej has been on of the best performers in this sector in that period. Immediate resistance or clutter zone is between 950-975, close above these levels will increase the speed of this stock.
Entry level: 947-930
Target 1 = 1065
Target 2= 1135
Stop Loss = 895 on closing basis (Below the hammer candle in weekly)
The BB is challenged and RSI has closed at 60, both are bullish signs. The consumer sector has underperformed in last 3 months and Godrej has been on of the best performers in this sector in that period. Immediate resistance or clutter zone is between 950-975, close above these levels will increase the speed of this stock.
Entry level: 947-930
Target 1 = 1065
Target 2= 1135
Stop Loss = 895 on closing basis (Below the hammer candle in weekly)
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