MTAR Technologies Ltd - Breakout Opportunity
Date: 21-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 2,110.35
Targets: (1) Rs. 2,320 --> (2) Rs. 2,475 --> (2) Rs. 2,563
SL: Rs. 1,910 on daily close basis
Technical View:
•
MTARTECH was moving in its primary downtrend since Sep-2023.
• After touching the lifetime high of 2,920 on 11-Sep-2023, it has retraced 43% to 1,661 level.
• On 21-May-2024,MTARTECH has broke out from its primary down trend with higher than average volume.
• Since 17-May-2024,MTARTECH is trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 75.36 and MACD is trading at 38.04.
• Both RSI and MACD is showing positive divergence on daily timeframe indicating a trend reversal.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade
LTP: Rs. 2,110.35
Targets: (1) Rs. 2,320 --> (2) Rs. 2,475 --> (2) Rs. 2,563
SL: Rs. 1,910 on daily close basis
Technical View:
•
MTARTECH was moving in its primary downtrend since Sep-2023.• After touching the lifetime high of 2,920 on 11-Sep-2023, it has retraced 43% to 1,661 level.
• On 21-May-2024,
MTARTECH has broke out from its primary down trend with higher than average volume.• Since 17-May-2024,
MTARTECH is trading above 20 DMA, 50 DMA and 21 DEMA.• RSI is trading at 75.36 and MACD is trading at 38.04.
• Both RSI and MACD is showing positive divergence on daily timeframe indicating a trend reversal.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Trade closed: stop reached
29-May-2024---------------
Stop loss hit. Closing the call.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.