Nimish_Ghagare

Swing Opportunity in M&M Finance

Long
NSE:M_MFIN   MAHINDRA &MAH FIN
Go Long above 154.6 for Targets of 160.45, 166.3, and 172.15 with SL 148.75

Reasons to go Long :

1. If we draw Fibonacci Retracement from swing low (Point A) to swing high (Point B) on a 1-day chart we see the stock took support around 0.5 Fibonacci level and moved up.

2. On 0.5 Fibonacci level the stock has made a bullish candlestick pattern ( Bullish Harami) and another bullish candlestick pattern ( Bullish Engulfing ) around 0.5 Fibonacci level.

3. Also we can see that the stock is forming double bottom (W pattern) which is a bullish chart pattern.

4. In addition to this there is a strong demand zone (marked with a purple color ) around 0.5 Fibonacci level from which the stock is moving up.

5. Also there is a high possibility that the stock will give a trendline breakout.
Trade active: Entry triggered on 12 Aug 2021
Trade closed: stop reached: SL hit on 17 Aug 2021

Comments

what would happen now? upside or still downside available?
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Nimish_Ghagare joeyfreako
@joeyfreako, Above 158 it will become strong otherwise it is weak.
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Is 140 a strong support or still 120 on cards till nxt results in Oct?
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Nimish_Ghagare StockWhizzer
@StockWhizzer, If it again faces resistance from Trendline then lower levels may be seen.
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