Berger Paints has an inverse relationship with Crude Oil which has corrected sharply in the past few weeks. The impact of such development was seen during the recent past in the counter.
Off late, the stock has consolidated in a range and the daily chart resembles a formation of ‘Bullish Pennant’. The breakout of the said pattern will be seen if the stock starts trading above Rs 324.
In that case, the stock can retest its recent high of Rs 350. On the lower side, the level of Rs 310 will be a good support and below that our long view will be negated and traders should exit from their long positions.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. 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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