MARUTI
POSITIONAL SETUP FOR MARUTIBLUE IS THE IDEAL BUY ZONE, STOPLOSS SHOULD BE BELOW CLOUD SUPPORT
TARGETS MARKED IN GREEN.
GOOD RESULTS AND NOW LOW OIL PRICES BOTH ARE RECIPIE FOR AN UPTREND.
Maruti possible shorts after Leading Diagonal (Elliott Wave)Looks like we have completed a Leading Diagonal formation for W.(1) and W.(2) also looks complete, hence we can plan to initiate shorts here with the SL above swing high.
Strong resistance at 7640 level seems to support the view.
Maruti next target 6800Daily RSI is around 60 and Stock looks bullish.
I would like to see 6800 before any correction.
Not a Hero anymoreHeroMoto has been in a rising channel for some years and has broken down decisively.
Stock closed below its support of 2900.
Sell with at stoploss of 2950 Targets are 2710 and 2420 2300 (Positional)
Maruti Suzuki - Double TopDouble Top has formed. But it is yet to break neck line. Wait for it to break neck line and if 1 day candle closes below 8313, then short Maruti Suzuki. Target 7750.
Maruti Suzuki ST Trade, basis candlestick pattern - Piercing Pattern: Buy: 8000 SL:7680, Target:8320
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Maruti - Double Top PatternMaruti had a big rally in last 3 years from 4800 levels to almost 10,000.
This seems to be changing as it showed a Double top pattern at higher levels and broke the trend line.
Maruti is a positional sell with a stoploss of 8800 and targets can be 8000 and 7400.
Escorts - Changing TrendStock seems to be breaking a long term trend line as drawn in the above chart which suggests more selling could come. But its also seems to be taking support at 784 levels so either wait for a retest of the above broken trend line to sell or a breakdown below 780 levels.
Any breakdown below 780 levels with a strong close below that level may signal correction upto 745 levels.
Positional targets can be 684.
Maruti possible corrective move up (Elliott Wave)The move down from the 9930 level seems to be in Double Zig Zag formation with the current progression being in W.b of the second Zig Zag.
If this is the count playing out then we should see a minimum 3 legged up move which can take Maruti to 9155-9230 (white resistance zone) .
The count will become Invalid if Maruti moves below 8795 and hence the same can be treated as SL level.
