Britannia Industries Indian stocks Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Britannia Industries – Britannia (one day chart)

Elliott Wave/Technical Analysis:

Function: Corrective Trend (Minor Degree Grey).
Mode: Corrective.
Structure: Impulse within a larger degree correction.
Position: Minor Wave 5 Grey.

Details:
The stock has experienced an impulsive decline from the 6450 high reached earlier. If this count holds, a corrective rally may develop soon.

Invalidation point: 6450.

BRITANNIA INDUSTRIES Daily Chart Technical Analysis and Potential Elliott Wave Counts:

The daily chart for Britannia Industries indicates a trend reversal from its 6450 high, which was recorded in October 2024. The stock has now fallen to new lows at 4550, forming a five-wave subdivision. A short-term pullback is expected before the bearish trend resumes.

The stock has broken its April 2024 support level at 4644. The next significant support lies around 4350, which aligns with the November 2023 low, marked as Intermediate Wave (4) Orange on the daily chart. A counter-trend rally in the near term remains a high-probability scenario.

Britannia Industries – Britannia (four-hour chart)

Elliott Wave/Technical Analysis:

Function: Corrective Trend (Minor Degree Grey).
Mode: Corrective.
Structure: Impulse within a larger degree correction.
Position: Minor Wave 5 Grey.

Details:
The stock has declined impulsively from its 6450 high. If this wave structure is accurate, a corrective rally may emerge soon.

Invalidation point: 6450.

BRITANNIA INDUSTRIES 4H Chart Technical Analysis and Potential Elliott Wave Counts:

The 4H chart for Britannia Industries reveals the wave structure following the 6450 high recorded on October 03, 2024. The wave count has been adjusted to reflect a five-wave impulse decline from 6450 to 4560.

If this count remains valid, the stock is expected to stage a counter-trend rally toward the 5400 level in the near term. Additionally, the daily RSI is showing bullish divergence, reinforcing the short-term bullish outlook.

Conclusion:

Britannia Industries has completed a five-wave impulse decline from its 6450 high. A short-term counter-trend rally remains likely before further downside movement resumes.

Elliott Wave analyst: Harsh Japee.

Britannia Industries Indian stocks Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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