Maruti about to speedup...
Updated
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.
*MACD recovering from bearish to bullish.
*0.382 fib support present near 7450.
Finally
Choose your risk : reward accordingly.
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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.
Trade active
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.
Trade closed: target reached
2nd target is done now trailing for further targets, still bullish on the sameGodspeed
Trade closed: target reached
All targets hit booked great profit. Still trailing.Godspeed
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