Vinay Rajani
United Breweries has recently registered a new all-time and 52-week high at Rs 1,310. For the last 5 session’s price has been consolidating in the range of Rs 1,256-1,290 on a closing basis.
The primary trend of the stock has been bullish with higher tops and higher bottoms on the daily and weekly charts. On the weekly charts, the stock has also given breakout from bullish inverse head and shoulder, indicating a continuation of an uptrend.
The stock price is currently placed above all important moving average parameters. We recommend buying UBL for the upside target of Rs 1,370, and a stop loss below Rs 1,230.
Disclaimer: The author is Technical Analyst, PCG Desk, HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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