suman6saha

Maruti suzuki potential downside target

Short
NSE:MARUTI2!   MARUTI SUZUKI IND FUTURES
Martui Suzuki share price has started a News bear phase, which is indicated by Head and shoulders pattern and breakdown of neckline.
During Wave A, it fell 11% from the top (A) and then retraced by 50% (B). It fallen again to 6900 giving 900 point gap Due to ongoing market condition, it retraced to 7300, which is a strong resistance line.
It is yet to reach the zone of wave A indicating it is a correctional move.
When it will start to fall again, the lower target will be 1.618 of wave A or 6200.
Stoploss high of wave B 7745.
Upside seems to be limited as up trends has lower volume as indicted by OBV graph. NSE:MARUTI2!
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