MAHINDRA AND MAHINDRA : HOLD SET UP

Apr 10, 2023

Mahindra and Mahindra Limited is an India-based company that is primarily engaged in the mobility products and farm solutions. The Company’s segments include Automotive and Farm Equipment. On weekly time frame , the Chart is making a Broadening Triangle Pattern. A Broadening Triangle Pattern can be characterized as a bullish reversal pattern. This pattern is created when the highs become progressively higher, and the lows become progressively lower. This creates a "broadening" effect on the chart. The occurrence of this pattern indicates that selling pressure is weakening, and buyers are starting to step in. A breakout above the resistance level signals a potential trend change. The pattern is said to get its name because the chart looks like a broadening formation. Sometimes this pattern is called a megaphone bottom or a reverse symmetrical triangle. . While this pattern looks bearish at first, it's actually a bullish sign. It indicates that the stock is gaining momentum and is likely to continue to move higher. This is a great opportunity to get in on the action and reap the rewards of a market reversal. Once you see that the stock price is rising above the support level as it is happening in our case, it is a good time to buy. The broader is the triangle , higher is the probability of break out, through the top of the pattern.

CMP : 1185.50
PRIMARY TARGET : 1410.10
STOP LOSS : 1122.00
Risk Reward Ratio ( 63:225 ) = 1:3.6
RSI (14) = 46.30 (< 80 )
ADX (Directional Strength ) = 42.56 ( > 20 )
ATR : 23.93 ( Less Volatile )
50EMA(Weekly Time Frame ) : 1179.00 ( Support )
Exit , once our primary Target is achieved .Then , we wait for the confirmation of breakout /breakdown. Re-Enter the trend after CONFIRMATION OF BREAK OUT/BREAK DOWN accordingly.