M_M - Where will it go from here?

Jun 15, 2020

Today M_M gave a Spinning Top candle at the top of a long uptrending channel that signals indecision. The volume matches previous day's volume when it shot up to the top of the channel. Since the global cues are mostly negative, a break of previous day's Hi 521/Lo 498 will give the first clue which way M_M is headed. Another clue is BB% channel seems reversing from the top which is bearish. If M_M breaks below 494, recent daily tops, then depending on the market conditions it could test 486 or 475 which is near the channel bottom. OTOH, break of 515 will be the first bullish signal. It it then sustains above 521, it is headed to higher pastures.

Jun 17, 2020

Trade active

17-06-2020 M&M dropping within the channel as was our bearish option. Now a break of today's high 505 or low 492 will determine tomorrow's action. Tomorrow is Thursday so expiry day volatility expected. Thursday's channel top is about 527, channel bottom is about 484 so once the trend is known these are the levels to watch out for. Further break of these levels will hint at the future share action. It could be a tremendous ride either way. Good luck.