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Investors with a one-year time frame can buy the shares of Titan Company (₹2,939.15) at current levels.
The stock has been moving up strongly and consistently since March this year.
The price action on the weekly chart since October 2021 indicates an inverted head and shoulder pattern. In this case, this pattern will be a continuation pattern.
All through this pattern formation, the 200-week moving average has been giving strong support by limiting the downside. The 4 per cent rise this month has taken the stock well above the neckline resistance of the pattern poised at ₹2,830. All these factors are strengthening the bullish case.
Titan Company share price can rally to ₹3,700-3,800 over the next three to four quarters. The target of the inverted head and shoulder pattern is also coming around ₹3,800. Investors can buy Titan Company at the current levels. Accumulate on dips at ₹2,860. Keep the stop-loss at ₹2,580. Trail the stop-loss up to ₹3,060 when the price moves up to ₹3,240.
Move the stop-loss further up to ₹3,420 when the share price touches ₹3,580. Exit the shares at ₹3,680. The region around ₹3,800 is a strong resistance. So, the rally can halt around ₹3,800. Thereafter the chances are high to see a trend reversal.
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