The wait is over!

The much awaited breakout happened in Maruti In the week before the last one only. But, it is better to not fall prey to failed breakouts. Hence I waited this week to confirm the breakout.

1) Strong Chart patterns —
Triple bottom formation with triangle pattern breakout.
2) Reclaiming 20WEMA —
So the actual wait was not just the triangle breakout, but, the requirement to close above 20 Week Exponential Moving Average (WEMA). Maruti gave a weekly close above the 20WEMA for the first time after August 2018
3) Momentum —
This price uptrend was accompanied by good volumes indicating momentum.
4) Indicators —
RSI garnering strength and MACD generating a positive crossover

A long position here has a potential to capture a healthy upmove of 600 points in coming weeks if the results season goes well. I hold a position in the stock and my personal targets are mentioned in the charts with the 20WEMA acting as the dynamic stop loss.

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