Gillette India gives symmetrical triangle breakout

Gillette India Limited stock has given a Symmetrical Triangle pattern breakout on the weekly scale. This breakout gets confirmed by the above 50-week average volumes. Additionally, the stock has formed a sizeable bullish candle on the breakout week, which in fact adds strength to the breakout.

The major trend of the stock is bullish as it is trading above its weekly pivot and above its long-short term moving averages, i.e. 20-week, 50-week, 100-week and 200-week EMAs. Also these moving averages are exactly in an ascending order suggesting that the trend is strong.

The stock's Relative Strength Index(RSI) has reached its highest value in the last 14-week, indicating bullishness. Also, it has managed to close above the 60 mark after a span of almost three months. The momentum indicator weekly MACD line has also crossed above the signal line, which resulted in the histogram turning positive. Moreover, the daily ADX is at a healthy level of 21.94. The directional parameter -DI is below the +DI and ADX is much above the -DI. This shows the technical strength in the stock.

Going ahead, the zone of Rs. 7870-Rs. 7920 is likely to act as an immediate hurdle for the stock. While on the downside, the 8-day Exponential moving average is likely to act as a short term support, which is currently placed at Rs 7433.50 level.