Long Lower Shadow candlestick pattern and OI analysis also positive sign for Long.
Price - UP
Volume - UP ( +17 lks volume high compared with previous day traded volume)
OI - UP (+30 %)
Market - ** will update on trade day**
Buy abv - 1147
Target - 1167
Stop Loss - 1130
Reward Points - 20
Risk Points - 17
Price - UP
Volume - UP ( last 2 hrs )
OI - UP (+17%)
Market - (let see on 23/12/2016 - if nifty positive then will hit the targets)
Conclusion - Bullish
Strong Support - 1111 ( 3 rd times bounce from this support level )
MACD - Bullish crossover on bearish trend (below 0 level) but histogram likely to move above 0 level, its signal...
MRF is not giving any signs of reversal. One can continue holding this stock till we get the start of a corrective move.
Other tyre stocks like CEAT and Apollo Tyres as posted earlier (check the attached links) can be continued to be held (till any visible reversal signs).
Ichimoku best works with clear chart patterns and trending stocks. On Daily charts, we have witnessed a Kumo break out, which indicates we can initiate a trade and go long on CEAT. I had marked the resistance areas 950, 1030, 1125 & 1300 where we can see some corrections.
PRO's please guide with your comments.