MARUTI SUZUKI PRICE ACTION ANALYSIS. LONG IDEA
Updated
Maruti's price has fallen significantly recently. This pattern is perfect to be called a Shark pattern. After a second impulse, the correction went too deep and is expected to be reversed from the PRZ.
This is XABCD bullish shark pattern has extensions 0.886-1.13 which form the potential reversal zone (PRZ).
We can also a downtrend line is broken, but for confirmation wait until the price breaks the supply zone. Any rejection from the supply zone might throw the price near the demand zone.
Buying from a PRZ gives us a high risk-reward ratio. The stop loss and target levels are mentioned on the chart.
Happy trading :)
This is just for educational purposes.
This is XABCD bullish shark pattern has extensions 0.886-1.13 which form the potential reversal zone (PRZ).
We can also a downtrend line is broken, but for confirmation wait until the price breaks the supply zone. Any rejection from the supply zone might throw the price near the demand zone.
Buying from a PRZ gives us a high risk-reward ratio. The stop loss and target levels are mentioned on the chart.
Happy trading :)
This is just for educational purposes.
Trade closed: target reached
Hit our target 2 and then reversed
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