FMCG stock forming double bottom on daily charts; Check key support and resistance levels

Double bottom is a Bullish Reversal Pattern that is used in Technical analysis to see for signals of a trend shift, from a downtrend to an Uptrend. This pattern is the Opposite of the Double-top pattern.

How to Trade the Pattern:

Breakout Entry: Once the price breaks above the neckline, traders look for a buying opportunity.

Target Price: The expected upward move is approximately equal to the distance from the top and bottom of the pattern.

Stop-Loss: Placed below the second bottom to limit downside risk.

Britannia has formed a double bottom on its 1-Day Chart

The Breakout Level for the Double Bottom is Rs. 5,210, and the stock is currently trading above the breakout level at Rs. 5,406. The next resistance zone for the stock is around Rs. 5,617 levels. And the Nearest support zone for the stock is Rs. 4,660 to Rs. 4,710.

About the Company

Established in Kolkata in 1892, Britannia is a household name in India and one of the country’s leading food product companies. Our key businesses are in bakery, dairy, and adjacent snacking categories, and their operations span over 80 countries in the world. They are available in multiple FMCG verticles like Biscuits, Dairy, Snacking, Cakes, Rusk, Breads, and Nutritious Bars.

Written By Abhishek Das

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