This FMCG stock ticks all the boxes of a perfect setup! Watch out!
The stock of Godrej Consumer Products advanced more than 3 per cent on Wednesday and made the day’s high of Rs 750 level.
The stock of Godrej Consumer Products advanced more than 3 per cent on Wednesday and made the day’s high of Rs 750 level. The stock had made an all-time high in the month of September 2021 and thereafter, entered into a slight downtrend move. Moreover, the stock took support at the level of Rs 660 and started an upside move. Since then, it has jumped more than 13 per cent from its recent low.
The stock has witnessed a breakout of ascending triangle-like patterns on the daily timeframe. Furthermore, the breakout was witnessed with a bullish candle. In the second week of March 2022, the stock witnessed a bullish Harami candlestick pattern, which is a sign of reversal.
The 14-period RSI is at 44 on the daily chart. The MACD line is trading above its signal line and zero line, which indicates a positive trend in the stock. Moreover, the MACD histogram is rising steadily and is above its prior high.
The short-term trend of the stock is bullish. It is likely to continue its bullish momentum for some more days.
The above-mentioned technical evidence suggests that the stock is likely to continue its uptrend momentum.