Q&A_ MRPL, how did it move so violently and next move from here?Namaste!
I want you to pay attention towards 3 arrows.
1. Black arrow: This candle had an increased selling volume (resistance), which was broken by 3rd weekly candle followed by 2 weekly candles of consolidation.
2. Blue arrow: This is the candle where bulls entered with approx double the volume and were able to close above the high of blue candle.
3. The rally continues.
4. Orange arrow: 1st time, sellers were powerful enough to push the prices, up to the low of any high breaking green candle. .
Q: What could happen from here.
A: Profit booking will come as well as it has started from current prices. Look, the stock can not just go up and up. It is pending for profit booking, then it may consolidate for some weeks. Then another bullish momentum is expected.
Q: What should current position holders do?
A: a. You can book the profits right now, b. or you can trail your SL below low of high breaking daily green candle (keep trailing for future candles as well).
If following my decision you make profit, nobody cares, but if you followed my idea and sold, then stock moved another 100%, you will blame me. Reality is nobody can predict the top.
Disclaimer: You're solely responsible for any decision taken in the markets, resulting in financial gains or losses. The analysis I've shared is for informational and educational purposes only.
