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Marutiforecast

MARUTI: Ascending TriangleThis is also a converging triangle formed with one flat horizontal line on the top & an inclined line meeting at a common point as illustrated in the chart. The flat horizontal line act as a resistance for the prices & the on the inclined line the prices take support. It’s not necessary that the ascending triangle formation takes place only in the bull market, they can be formed in a bearish trend also. Here also you should concern with the key point “The Third Touch”. The five significant points help us to make our decision in a better way. Here, each points suggesting a reversal point & as soon as price got it’s third touch on the inclined supporting line the price shoot up & a breakout happened. The target for this pattern is the maximum vertical range of the triangle. Trading strategy:MARUTI: BUY 9285-75 SL: 9050 TGT: 9545/9850
NSE:MARUTILong
by TradingSutra
17
Weekly analysis of Maruti Suzuki (08/08/22).Maruti on the weekly time frame has formed a gravestone doji and respected the trendline that it has been following from April 2019. The stock is trading in the parallel channel and there is a resistance area formed by the previous high. In the last 2 months, the stock has gained around 15% and the double trend line rejection can be a signal of shorting maruti. The stock has been taking support from its 20 DMA and is trading just above the moving average. Gravestone doji with a high volume confirms a shorting opporunity in the stock. There are 4 green candle on the monthly analysis and in the first week of the month is has formed a nice shorting signal. Support :- 8850, 8377 Resistance :- 8970, 9530 If the daily candle closed below the 20 DMA, maruti is short upto the level of 8400. Otherwise, wait for the weekly close and take targets of the moving averages.
NSE:MARUTIShort
by TheMamboMomentum