Anwar_Khan

Muthoot Finance Weekly Chart breakout

Long
NSE:MUTHOOTFIN   MUTHOOT FINANCE LTD
Reasons for taking trade
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1. Breakout with volume on Weekly charts.
2. MACD showing bullish signal on Weekly time frame.
3. Company came out with very good net profit in results.
4. Price crossed over 20MA, 100MA & 200MA on daily charts .

My Opinion
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Though MACD is showing a bullish divergence on Weekly charts, On daily charts MACD is heading for a bearish convergence and that may result in a retesting of the breakout. I would look for a retest to buy the shares in ideal conditions so that my stoploss will be smaller and target will be bigger. Also a tested breakout is a confirmation of the breakout.

Conclusion
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I will keep this stock in my watchlist and will buy it if the breakout remains strong.

________NO INTACT TARGET. I WILL KEEP THIS STOCK IN MY HOLDINGS TILL I SEE A TREND REVERSAL_________
Trade active

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