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...
Automobile sector is already suffering from semiconductor chip shortage in general. The latest 200 Cr Fine by Competition Commission of India on Maruti Suzuki definitely doesnt help the company. I have used Fibonacci Pivot Points to set a target - Take 70% at S2 and Rest 30% at S1, The Stop Loss has been set at the recent high candle.
Happy Trading!
This is not...
Price making Flag pattern and the target is exactly matching the major support level. To conform the Flag price should not close above 6575 levels, if this happens this Flag pattern becomes invalid.
Descending Triangle pattern spotted in Maruti. Depth of pattern looks to originate from 7950 towards the base of 6500, forming a considerable 1450 points. Pattern could be considered valid once the price closes below 6500. Further, if the pattern is confirmed technical target would be at 5050 based on the pattern. That accounts for a fall of 22% from 6500. Hence...
