MARICO is respecting the trendline and forming a bullish ascending triangle. If it were to complete the triangle, it would reverse from resistance or continue to consolidate while respecting the trendline/triangle boundary and breakout as it nears the end of triangle. It is also in a narrow ttm squeeze (cyan dots on SQZPRO indicator) with increasing momentum. so it's getting ready for a big move sometime soon.Note
It broke the triangle boundary. So my analysis is invalidated. Now, next support level to look for is 520 to 524. It's a major support level as price has respected it 2 times already. Hoping to see strong pullback there.Note
It broke the triangle and came down to 510. Took a support there, gathered more buyers, formed double bottom and reversed. Came up stronger with big volume and broke out of 550 level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.