NSE:M_M   MAHINDRA &MAHINDRA
MAHINDRA HAS CLOSED ABOVE THE WEEKLY RESISTANCE OF 500 AND WITH HIGH VOLUMES IT SHOWS THAT PROFESSIONAL MONEY IS INTRESTED INTO THIS STOCK. ALTHOUGH HIGH VOLUME TOO SHOWS SELLING IN THE BACKGROUND.
MONDAY CANDLE CLOSE ABOVE THE CLOSE OF FRIDAY CANDLE WILL CONFIRM OUR SETUP OF LONG AND WILL BET HEAVILY.
IF THE STOCK CLOSES BELOW THE CLOSE OF PREVIOUS WEEK ON MONDAY THEN SELLING MIGHT KICK IN AND WE MAY SEE ACORRECTION IN THE STOCK.
BE CAUTIOUS AND WAIT FOR MONDAY CLOSE AND THEN INTITATE LONGS AND ALSO LOOKOUT FOR VOLUMES.
STOPLOSS AND TARGET HAVE BEEN MENTIONED IN THE CHART ITSELF.
WAIT FOR THE SETUP AND THEN INITIATE YOUR TRADE.
REMEMBER WAITING AND THEN TAKING TRADE ON CONFIRMATION IS WHAT MAKE YOU MONEY IN TRADING.
Comment: AS WE HAVE SEEN THAT THERE HAS BEEN SELLING IN THE BACKGROUND BY PROFESSIONALS.
THE STOCK HAS FAILED TO CLOSE ABOVE BREAKOUT CANDLE AND THE SELLING SEEMS TO BE COMING INTO THE MARKET.
STAY CAUTIOUS AS THE STOCK WILL SEE PROMINENT SELLING IN THE COMING DAYS.

Comments

So this trade is not active yet right?
Reply
@btnt1798, Nope not now , wait for some decisive closing above the breakout closing. Also high volume suggests that selling is abundant so one needs to be cautious.
Reply
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