M_M ready to bounce back from its demand zone currently M_M is consolidating at important zone which you can see also act as a good support in 2015-16 time( you can zoom out the chart ) and it has bounced of many times from the same area in last year . stock is also nearby 200 Ema , A good closing above this will also lead the stock to new highs .
and it has also broken that trendline and retested two times so you can expect a good upside move .
enter the rally before before it starts going up .
A good risk reward trade can be initiated here with just a 4% risk and a good 12% & 26% reward as target 1 and target 2 .
risk taker can intiate the trade here and those who are safe trader can wait for break for this consolidation with a good green candle with volume but that will affect your risk reward ratio .
SL to be maintained as a day closing basis . if we closes below this zone on daily timeframe you can close you long trade .
Hope you find this analysis helpful .
Happy Trading .
