MRF- A=C & Bullish Engulfing Candle

From the highs@46471 - If one measures the distance of (A)-wave & project it from (B) -wave top it measures same distance(approx) or equality at 45700's zone which is C-wave

Here exactly at the bottom of C-Wave -we had bullish engulfing candle

Bullish Engulfing Candle
Green candle engulfs prior candle from open to close (which is the cylindrical body) -wicks or upper shadow & lower shadow can be neglected- criteria for bullish engulfing candle.

Trading Strategy
Risky one could be at current levels with strict stops below 45650 lows.

Safe Strategy could be once swing high@46280 is crossed -in that case likely we should have a target equal to at least prior high@46471 & more- stops should be same as above.

Regards,
Abhishek H. Singh, CMT

Trade active:

09:25 Hrs 26th Sep2016

Trading at 46200

MRF -who is buying - seems to move like a rocket.

Trade active:

09:31 Hrs 26th Sep2016

Trading at 45900

The opening was amazing as MRF had a rocket move from 45750's to 46300 zone.

Its Countrend Move or Correction Likely It is showing sign of moving up above 46471.

Trade active:

09:35 Hrs 26th Sep2016

Even though it is bullish - Currently there is correction going on & one should look to buy above 46350 -which is current high for bigger targets else -we will expect some down move possibly below 45650 so likley it will take stops & bounce back - 45650 isn't a proper stop now in current position as one leg has already moved up from 45700 to 46300 zones & failed to sustain above 46300 zone.

Yes, we are looking upside but careful with the stops@45650. As Bigger guys will like to eat your stops & then rally upside.

Trade active:

12:05 Hrs 26th Sep2016

Trading at 45800

MRF - Bounced from same low@45651 -same as prior

Trade active:

13:10 Hrs 26th Sep2016

Current Session low-45512 Trading@45601

As said earlier that it could go below 45650 -it did -Having said that -I also have said that its a correction & MRF will show its muscle in coming days or may be today itself -good for risky traders & safe traders should look to buy above 46350 as per above update.

Trade active:

13:40 Hrs 26th Sep2016

The fall from 46350 to the current zones of 45500-45600 (which also -I updated that it will likely come down & even take 45650 stops also) is likely not that aggressive, so that it is suggesting that the MRF will show its power to everyone in coming session & could rock on upside- by that I mean first it will touch 46350 & beyond that it will fire so likely I will be interested in buying at dips.

Trade active:

10:45 Hrs 27th Sep2016

MRF once again travels to 46300 High from lows 45500-45600 so one can just judge that how important 46300-46350 zone is.

Trade active:

11:39 Hrs 27th Sep2016

Trading at 46725

MRF- Tyres with Muscle ----Up -Up & Away - Boom as expected - Awesome

Trade active:

11:53 Hrs 27th Sep2016

Likely we will book 70-80% here or one can take complete profit at current levels of 46700

Comment:

13:29 Hrs 28th Sep2016

Trading at 48169

MRF - Someone will stop them.