As can be seen an inverted H&S pattern was forming on the daily charts and a BO has happened...
Now many analysts here will show you a view of this pattern, maybe RSI/MACD numbers, and tell you how there is a huge upside to buying this stock right now..how you can earn 20% profits in a few months.. I am not saying they are wrong but I am not as confident as them...
Positive Bias : Maruti has formed a clever Head & Shoulder pattern despite of that the current trend is in fast pace of Fib retracement of 0.38. I'm bullish for a long run if it sustained above @6855 level.
Points to be Note (Technical + Fundamental)
1. Head & Shoulder pattern formation.\
2. Anticipated rejection at level 7060 due to increased in sales.
Maruti P/E 49.36
Sectoral Index P/E 221.12
Maruti Suzuki India Ltd is planning to increase production by 200 cars per day from near month, two people aware of the company’s plans said, as the country’s largest carmaker bets that demand for personal mobility will continue amid the resurgence of the pandemic.
The increase in output will take the daily production...
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be a wedge pattern breakout in Maruti. Similar breakout is seen in RSI as well. RSI nearing neutral - bullish zone of 50.
Date: 28 Dec 2020
Maruti Suzuki (CMP: 7,483)
Chart Time Frame: Weekly Chart
a) Maruti has formed an Inverse Head and Shoulder pattern on a weekly basis.
b) Stock price is sustaining above all its 'Weekly Exponential Moving Averages' - 10 WMA, 20 WMA, 50 WMA & 200 WMA.
c) The average Volume has increased more than double since the formation of Inverse H&A...
MARUTI simply trending ABOVE ^
Trend line support is around 5750,
Resistance around 6000.
If stays above 6000 we may see level of 6245 in the near term.
Updated :20 July 2020 8.00am.
Disclaimer: Only for learning purpose.
1. On 14th June 2020, I mentioned in that post is quoting for your consideration " I circled the candlestick pattern called piercing. The psychology behind it is very much clear that bulls found that price lucrative as on support zone .so they came and bought aggressively closing price days high. Novice traders seeing this pattern...
1.Maruti has broken the important resistance of 6500
2.Retested the 6500 level after break
3.Bullish flag pattern is formed on 4 Hour chart
4.HH and HL pattern on daily chart
5.Price closed above 200 EMA on daily Chart
6. Risk Reward is 1:2
Buy at 6790-6750 Stoploss 6470 Target 7400
Maruti Sell Below 6170 Stoploss 6205 Target 6088-6000 Resons For Trade- 1.Price near to 15 minute channel resistance 2. Price near daily resistance of 6200 3.Weak Candlstick pattern on 4 Hour Chart 4.Daily Trend is Down 5. Risk Reward is 1:2
Cup & Handle pattern observed in Maruti. Pattern is confirmed as price has broken above 6080. Pattern suggests a target of 6260.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable...