Maruti, after consolidation phase of wave 2, this stock has given breakout from resistance trendline along with good intensity of volume, with upper bbc in both weekly and daily time frames, wave structure suggests that wave 1 and 2 has been completed and now wave 3 has been started, as wave 3 unfolds price can show the bigger levels of all time high in this stock, this can take months to play out but we have started an uptrend for the sector, we can face next resistance at 7964, 8400 and 9520 levels, one can go long at these levels or in dips ( if any ) with mentioned key levels.
wave structure and key levels are mentioned on chart macd in weekly positive crossover uptick above zero line macd in daily positive crossover uptick above zero line rsi in weekly uptick above 60+ rsi in daily above 60 and near 70. dmi adx in weekly positive ungali dmi adx in daily positive weekly near bbc daily upper bbc
Disclaimer I am not sebi registered analyst My studies are for educational purpose only Consult your financial advisor before trading or investing
Maruti also has double bottom on daily/weekly charts which further adds confidence..