share name : MARICO
call type : poistional
- share is forming a pennant pattern with
morning star pattern
- a good consolidation can be seen around 1 yr
- we can accumulate this share at level 500-480
with sl of 470
- approachable targets 550, 660, 660
Thanks
*If today closing done above counter trendline, one should enter at end of the day.
*Target -1680
* SL - low of the green candle
* FMCG sector is shining .
* Nifty FMCG at vege of breakout of all time high
Hi guys, In this chart i Drew My Best Levels in MARICO for Long, Observed these Levels based on price action and Demand & Supply. Don't Take any trades based on this Post...because this chart is for educational purpose only not for Buy or Sell Recommendation.. Thank Q
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
Checkout my other ideas to understand how one can earn from stock markets...
Stock Name - Marico Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 552
#This is not Buy and Sell recommendation to any one. This is for education...
Patterns play an important role in trading. Especially when the same patterns appear on the different time frames.
In Marico we see the formation of triangle patterns on Daily, Weekly and Monthly time frames.
Daily Chart - Ascending Triangle Pattern
In two trading sessions the price had tested the upper and lower length of the triangle.
So, from this we predict...
-Marico was stuck in range since June, forming a Range contraction setup.
-Before breaking out, it forming inside bar formation and finally gave close above trendline.
-RSI has been facing rejection from 69-70 levels in the past, though RSI has broken out will watch out if this time RSI is able to break resistance
NSE:MARICO
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose
Personal, I am waiting for MARICO to drop below 510rs in the near future for my first entry into the company. Marico has a complete dominance in the oil industry, and right now, Marico is heavily focused on their Saffola brand, with an aim to generate 850cr in revenue from the brand.
And the earnings from saffola in 2022 is extremely strong and expanding.
NSE:MARICO
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose!
Marico is moving nicely within the parallel Channel.
At the bottom of the channel it has shown a reversal, if the momentum continues it will give an easy 10%.
Trade Carefully!!
