VigneshIyer

A good volume breakout on charts for M&M finance

Long
NSE:M_MFIN   MAHINDRA &MAH FIN
A good volume breakout was observed 2 sessions back in M&M finance and the structure was intact after 2 trading session confirmed by a green candle today. Now the stock has potential to reach the target as highlighted in the chart above with the lower line which was the resistance line earlier becomes the support.
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However there are 2 points to be noted:
1.) Next week saturday i.e 18th of July M&M financial would come up with its Q1 numbers, hence the patter may stand invalid depending on numbers. We will have more of a clear view in next week.
2.) In hourly chart there is a big gap waiting to be filled between 233 to 248 which could be taken out if numbers are favourable.

Disclaimer : I am just expressing my view on the chart for understanding purpose. Please take undertake your own study before taking a position in the above stock.
Trade active: Took support on the trend. We have to watch the activity on Wednesday to determine the trade going forward
Trade closed: target reached: Amazing move in the stock.Targets have been achieved. Further move can happen with sl to trail

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