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. If you like the idea please LIKE,COMMENT and SHARE.
Zlecenie aktywne
⋅
As per analysis Maruti gave a move of about 2% today and people are sitting on good profits. The pattern has given a breakout so more to come. The 1st target has been reached and now trailing for further targets. Godspeed.
Transakcja zamknięta: osiągnięto wyznaczony cel
⋅
2nd target is done now trailing for further targets, still bullish on the same Godspeed
Transakcja zamknięta: osiągnięto wyznaczony cel
⋅
All targets hit booked great profit. Still trailing. Godspeed