Crompton Greaves Consumer Electricals has been witnessing a sideways movement from the past fourteen weeks as prices are oscillating alongside its 200-days exponential moving average on the daily charts.
This consolidation move has formed a symmetrical triangle pattern on the daily and weekly interval. The breakout above the pattern formation can lead to next up move in prices as divergence on secondary indicators like Rsi and stochastic are also supportive and current juncture.
Traders can accumulate the stock in a range of Rs 240-245 for the upside target of Rs 268 and a stop loss below Rs 225.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.