M_M ready to bounce back from its demand zone

currently M_M is consolidating at important zone which you can see also act as a good support in 2015-16 time( you can zoom out the chart ) and it has bounced of many times from the same area in last year . stock is also nearby 200 Ema , A good closing above this will also lead the stock to new highs .
and it has also broken that trendline and retested two times so you can expect a good upside move .
enter the rally before before it starts going up .
A good risk reward trade can be initiated here with just a 4% risk and a good 12% & 26% reward as target 1 and target 2 .
risk taker can intiate the trade here and those who are safe trader can wait for break for this consolidation with a good green candle with volume but that will affect your risk reward ratio .
SL to be maintained as a day closing basis . if we closes below this zone on daily timeframe you can close you long trade .

Hope you find this analysis helpful .
Happy Trading .

Comment:

As Expected the stock has started moving in our direction .....traders who waits for confirmation can also enter this point because this time all the auto stocks have started to break their upper levels .

Trade active:

1st Target Done :) . Book partial quantity here and for remaining quantity trail sl cost to cost .
Now this trade is a free trade u will not lose from here so just trail the profit as much as you can .
Never settle for less profit .

Trade closed: target reached:

target done and dusted ....it will make new highs in upcoming month