Dabur Ascending Triangle Breakout

Dabur India has been in a impressive uptrend. After hitting its life time high in 2015 it has gone into some type of consolidation phase for 2 years. In 2016 it got reverse from the same level where it got corrected in 2015 and both time it took support around 100 DMA. While in the consolidation phase it formed a ascending triangle which is a bullish pattern. This week this stock is moving out from the consolidation zone and trying to breakout from the triangle which is clearly a buy signal. Most trader would like to place STOP LOSS below the 20 DMA where it has been taking support for last months. Some indicator also suggesting a buy signal. MACD has just crossed over the signal line and RSI has some room to be overbought. Gap b/w the high and the low of the triangle would be the target for the stock that is coming around 400 level.

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