This is follow up on my FMCG post Marico looks good for 370 level. Good risk reward trade.
FMCG sector has been a laggard for lately, It's slightly negatively correlated with the benchmark Nifty. It seems to have broken out of the downward channel and could shoot up quickly. Tata Global, Godrej Consumer Products and Marico are some prominent stocks. I particularly like Marico for this set up. Posting the Marico one soon. In addition, if the negative...
The thing to note is that the stock is having a strong channel that can be seen by the chart up-trend and down-trend follows tightly. Another thing is to be noted: WHen this stock takes a turn, the big move creates on the single day of secession. So far we have not seen any such thing/big move on a single day o trading. As per the daily chart, this stock...
The weekly price is at a strong support now. Momentum of bears seems to be losing. In the Daily, we see a Bullish Divergence with the RSI on 13 Dec and 16 Dec. In the 75 min, TL is broken, but not with conviction. But, since RSI is oversold everywhere, I would love to go long with SL around 326. Whether the trend reverses or not, we can expect some gains here.
Marico Price are just above weekly trend line and RSI just above it's support and moving towards oversold zone on weekly chart Prices have broken mid term moving average and daily trend line, making 370 - 380 as supply zone which can be clearly seen in daily chart. Bullish Shark pattern observed with PRZ btn 330 - 316. Also this zone is area of long term moving...
RSI and CCI both showing bullish divergence
#Marico has formed a bullish bat pattern and is showing good signs of reversal
MARICO - Consolidating right now, will fall further ...
TREND ANALYSIS & TRADE SETUP Follow Chart Instruction. Do not be Hurry for entry. Wait for Proper Entry Setup. Buy/Sell with Best Risk Reward. Educational Chart Only. You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX. Wait for entry setup, if available then Long/short. R:R is 4 to 6 times.
MARICO (Marico Limited ) SELL BELOW 379
SELL below 385 SL 387 Targets 382, 380, 379, 378, 377 OR MARICO 29AUG 380 PE (₹1.45)
Follow Chart Instruction. if Wants to take Entry then wait for it. Can Ask in Comment for Proper Entry when it reaches my level. Short term trader wait and then took entry. If HH broken then wait for my Short Entry chart. if trendline broken then follow chart instruction or ask me.
Marico has been consolidating from a nice and long uptrend for more than a year now. This consolidation pattern appears to be a symmetrical triangle that is now broken. Its certainly worth timing your entry for a LONG ride! Happy learning! -Team Stockshaala
SL 372 as per you risk management Sell below 370 Targets 368, 365, 360, 355
Buy above 368.05 Targets 370, 375, 380, 385