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Britannia -Right angle descending triangle

 Britannia was on a downtrend since July 2020. The high is about 3900 in July. Coming out of the lockdown since the biscuit consumption is going down , it is natural for the stock to go down steadily. Moreover the budget in Feb 2021 has introduced Agro cess which will effect Britannia. This may be passed to customers(I assume).Another good thing about Britannia is they buy future contracts for their raw ingredients. Which is to say they buy their products in advance. This will give them necessary cusion.


Support at 3300. Sustaining above 3300 is important for the stock to move up. Below 3300 it will fall to 2900.

A Right angle Descending triangle pattern will move in the same direction as the trend before it started to form. In this case, it is up trend.

If there is huge volume on the downside after 3300 and the price is sustaining  3% below 3300, the stock will move down.


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