MARUTI trade ideas
MARUTINSE:MARUTI
SELL AFTER 7248 FOR 7152 , 7122
BUY ABOVE 7350 FOR 7413
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Maruti about to speedup...Maruti broke the counter trendline (Yellow) on daily time frame as well as weekly timeframe a month ago and then retested and took support beautifully from the same counter trendline on both timeframes that is now acting as a supportive trendline.
After that it has been consolidating for a few days, that according to me shows an accumulation phase (where buyers try to buy as much as possible without raising the price). It's also in a symmetrical triangle formation that is a continuation pattern and here it shows upside movement.
RSI looks good.
MACD recovering from bearish to bullish.
0.382 fib support present near 7450.
Finally
Buy above 7551 for the targets mentioned above in the chart
Choose your risk : reward accordingly.
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Maruti..looking like a good setup on weekly chartMaruti weekly chart.
- Symmetrical triangle breakout is seen.
- Now needs to cross horizontal resistance on a weekly closing basis of 8325 levels.
- On crossing may proceed towards ATH levels.
*Only for educational purposes, not a buy/sell recommendation.
MARUTI looking extremely bullishIf you take a good look at weekly chart of NSE:MARUTI , you can find multiple bullish patterns and yesterday's 7% move with good volumes might mean that a new bull run can be seen in it. You can find head and shoulders, W (double bottom) and cup and handle. You can't possibly get a more bullish technical setup than this.
MARUTINSE:MARUTI
ALSO IN 1 WEEK TIMEFRAME MARUTI FORMED INVERTED HEAD AND SHOULDER
LEFT SHOULDER STARTING FROM 2018 TILL NOW
SO IF IT BRKS 7750 AND SUSTAIN ABOVE IT IN ONE WEEK TIME FRAME THEN CAN HOLD IT FOR SWING TRADE
THANKYOU...
Please note that we are not a SEBI Registered Investor Adviser/PMS/ Broking House.
All the contents over here are for educational purposes only and are not investment advice or recommendations
offered to any person(s) with respect to the purchase or sale of the stocks / futures and options.
You are also requested to apply your prudence and consult your advisers in case you choose to act on
any such content available as WE claims no responsibilities for any of your actions or any outcome of
such action
MARUTI - Look RANGE BOUNDWe have seen a remarkable move in the auto stocks, while Maruti is lagging behind.
Still, it does not look promising on the chart, the stock is not able to move above 8000 levels.
There is a possibility that it might move in the range for a while.
Weakness may come below 7000.
Fresh Buying can only be seen above 8000 levels.