Stock of the week - GODREJIND has been forming a higher high higher low pattern By GEPL Capital
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Observation
* GODREJIND has been forming a higher high higher low pattern since May 2020.
* In the previous week the stock broke out and sustained above the neckline of an Inverse head and shoulder pattern on the weekly charts.
* This breakout was backed by above average volume, indicating participation in the up move.
* On the indicator front we can see the prices break above the 200 Week SMA for the first time since May 2019. The DI has formed a positive crossover, indicating presence of bullishness in the trend. The ADX rising, indicates presence of strength in the trend.
* The immediate resistance for the stock is placed at 564 (CIP level) followed by 657 (Aug 2018 high & Inverse Head & Shoulder projection) and eventually towards 699 (July 2017 high).
* The key level to watch for on the downside are 491 (200 Week SMA) followed by 426.60 (4 Week low) followed by 375 (14 Dec 2020 low).
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