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Britannia Industries Ltd

Discussion in 'Chart of the Week' started by shabbir, Aug 12, 2014.

  1. shabbir

    shabbir Administrator Staff Member

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    Charts Looks Awesome. A must have stock in any portfolio

    [​IMG]
     

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    shabbir, Aug 12, 2014
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  2. ravirajpr

    ravirajpr Responder

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    Agree it is a good chart.
    I had been following this stock from Apr-14 however didn't take any position due to the longer period of correction/consolidation and just noticed the channel breakout during mid June when I was on a long leave and had closed all my positions by that time.
     

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    Last edited: Aug 12, 2014
    ravirajpr, Aug 12, 2014
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  3. hirenrachh

    hirenrachh Member

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    Dear shabbir....
    If you could please throw some more light......why it is a good chart ?
    Can be benificial to a learner like me...

    Regards
    Hiren
     
    hirenrachh, Aug 14, 2014
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  4. ravirajpr

    ravirajpr Responder

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    Hi Hiren,
    I'll add my comments on why this is a good chart.
    The pullback from 31-Oct-2013 @ 965 to 818.75 was in channel and there wasn't much whipsaw in the chart.
    Support at Fib 61.8 retracement @ 817.42 and price did not break this level which is at MA200.
    Attaching a sample chart of Solar Inds which is too volatile (candle with long wick and tail) and when compared with Britannia you can notice it is easy to draw trendline easily in Britannia than on Solar Inds and price would mostly respects support line and easy to draw studies on chart.

    Shabbir - Please add your comments.
     

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    ravirajpr, Aug 14, 2014
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  5. shabbir

    shabbir Administrator Staff Member

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    You are spot on and I would say it has formed a solid base between 800 and 900 and then breakout and then took 960 out. After breakout it has formed a higher top higher bottom.
     
    shabbir, Aug 15, 2014
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  6. hirenrachh

    hirenrachh Member

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    Thank you so much Ravi raj and Shabbir for your detail explanation.

    regards
    Hiren
     
    hirenrachh, Aug 17, 2014
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