eastwind65

POSSIBILITY OF A REVERSAL IN MOTHERSONSUMI

NSE:MOTHERSUMI   MOTHERSON SUMI SYS
Mothersonsumi has been on an ascending Parallel Channel from October 2020. After making a High of 272.85 on 2nd June it has been drifting lower to take support at the bottom Trendline with a Low of 220.65 today.

We have to see if there is a reversal or if it breaks the lower trendline. If it breaks then the next support would be around 195-200.

Wait and see the closing tomorrow before taking a decision.

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Is it good to buy now? In options
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eastwind65 nallujoy
@nallujoy, Eventhough the trendline has provided support please wait for a bullish reversal. Go to a lower time frame and if you draw a trendline from the height of 272.85 and another line at the bottom on 27th May to connect with the bottom of the 10th August candle you would see that its like a falling wedge pattern. So buy on a breakout of that short term trendline.
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