Ashish Chaturmohta
After touching a high of Rs 260 in August, Crompton Greaves Consumer slipped towards Rs 190 in October. For the last four months, the stock has been trading in the range of Rs 234 to Rs 190 and formed a short-term rounding base pattern on the daily chart.
The price has been moving around 200-day moving average for the last couple of weeks and is consolidating around in the range of Rs 234 to Rs 220.
The RSI has given positive crossover on the daily chart suggesting price is likely to see a breakout on the upside. Thus, the stock can be bought at current levels and on dips to Rs 226 with a stop loss below Rs 215 and a target of Rs 260.
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