COLPAL- Triangular breakout

13 Jul 2020

COLPAL

After a big rally seen in pharma sector which is now taking a pause and FMCG stocks on the other hand giving good upside moves after a consolidation depicts that the momentum has now been shifted to FMCG sector which can been significantly noticed by seeing the price action in CNX FMCG.

After a big move in Britannia and HUL, also ITC. Price action in COLPAL clearly depicts a bullish triangular breakout with good volumes for which RSI and RS confirms the charge of bulls over bears. Hence, a good upside move can bee seen in a short term span. One can play a good swing.
NOTE: The probablity of stock sustaining above breakout level becomes good only when nifty (index: overall sentiment) supports it. For a short term nifty seems to be a little weak which can drag the stock back gain in the pre-breakout zone (failed breakout). So probably wait for some more price action and trade with caution.

Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!