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 has given a long awaited breakout after 6 months and with a strong bullish candle failing which have been a possible double top formation.
9 ema is acting as current support
Successful retest done
RSI in bullish zone
MACD above signal line.
BUY ABOVE - 8600
Targets mentioned in the chart above
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Maruti Suzuki India Ltd - 07.01.2022
The stock is trading @ 7906 levels
The prices are above EMA
There is a Head & Shoulders Candle Formation in Monthly Chart with a neckline @ 7500 levels
There is a SPINNING TOP in daily chart
Stochastic is overbought in Daily Chart
RSI is overbought in Hourly Chart
Watch out for the price action
WHAT IS HAPPENING BEHIND PRICE ACTION IN MARUTI
1. See this stock has made its bottom , the process of accumulation is going on where buyers want to buy at low price by trapping sellers with the impression of maruti making new low. This hope is created by smart money for sellers. Keeping price range bound. See rally in price that is for the attraction of...
