After the breakout from a resistance of 170 zone, M&M FIn has entered to a new bullish territory, and is testing its previous resistance. Good signs are that a bullish engulfing candle has formed taking support of 20 EMA and RSI is also in bullish zone. Entry can be done from current levels till 173 with a SL of low of the breakout candle i.e. 171, hoping for an up move upto 200. targets can also be seen as per fibonacci levels. Any move below 165 will end its trend.
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RSi BUllish HIdden DIvergence formed on sept 20th and sept 28th, it can be seen clearly on the line chart.
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1st target of 200 reached, trail sl 2nd target 210.
How can we differentiate between pullback and trend reversal?
anuragsahu614
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@tomjm1, draw a trend line joining lows if in an uptrend or highs if in a downtrend if price breaks it then this can be a sign of trend change, And if the price bounces back it can be a pullback .
tomjm1
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@anuragsahu614, Thank you. At which point the entry is preferred? At breakout or after retest?
anuragsahu614
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@tomjm1, retest is more stronger and safer entry than the breakout.
StockWhizzer
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Will break 220 by Q2 result or expect sharp reversal from there?
anuragsahu614
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@StockWhizzer, that can only be seen after the price reaches there, i will update the post.
StockWhizzer
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@anuragsahu614 ok, Q2 on 28th Oct, sideways till then or back to 170/175?
How can we differentiate between pullback and trend reversal?