Marutisuzuki
MARUTI LOOK OUT FOR THESE LEVELS!!! ALL THE LEVELS ARE MARKED ON CHART, RED ZONES DENOTES SUPPLY ZONES AND GREEN IS FOR DEMAND ZONE .
STOCK HAS EARLIER TAKEN SUPPORT FROM 50 DAILY EMA BUT IT WAS NOT ABLE TO MAKE HIGHER HIGH
The indicator used:
1) Daily Lines plots Daily 20 & 50 EMA on lower time frame charts
2) TE-REKAB
- PB : PULLBACK
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Go long in Maruti@6975-6950 for target of 7300 and SL 6830There has been a breakout from Pole and Flag today in Maruti. Increase in volumes compared to last two days shows buying interest.
Maruti now trading at 7000 level. Wait for retracement towards 6970 levels for entry.
target of 7300 and SL 6830, RRR - 2.0
Maruti Suzuki is going down after a wedge patternWe have checked three things while taking this trade :
1. The volume should be low, no trend changing.
2. Double top pattern from major resistance.
3. We are aiming for 1.5% RR ratio which is good but it can be a hold it it breaks lower support (low chance).
Action Plan : Short at the current price and sit back, trail the stop loss once it reached the W pattern bottom leg. Keep riding for profits if it breaks the support as well else exit at trailed stop loss.
"You don't have to be a great trader to cut your losses short , just an active one."
Maruti: about to enter into heavy supply zoneMaruti has strong supply zone in 7200-7300 levels & failed repeatedly to cross the zone & sustain.
There is a minor resistance zone on current levels around 6970-7000.
If it closes above this zone, go long till 7300 levels.
And if sustains & crosses the zone with good amount of volume - Target would be 7700.
If unable to sustain , short from 7300 levels
Maruti Suzuki Flag 🚩 FormationBullish Case: Confirm close above 7257 on 15 min chart. After that enter on retracement towards 7250-7240 SL 7205 tgt 7275,7300,7400. Positional 7600 target
Bearish Case: Break and close below 7125 then sell on bounce towards 7140-50 SL 7210 tgt 7100, 7075, positional 6975
Disclaimer: Calculated and plotted values may vary and change. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
MARUTI SUZUKI ANALYSIS AS PER WAVE THEORY
We have a 5 Wave Upward Impulse complete;
The 5th Wave which was an Upward Impulse is verified which confirms end of the Upward Impulse move; After completion of the Impulse we have a downward Flat structure which confirms completion of WAVE A of the Correction;
So we have Wave A complete and Wave B has Wave A = Upward Zigzag; Wave B = Dowanward Flat both complete and Wave B has closed below the start point of Wave A hence Wave C will be a Upward 5 Wave Impulse as per the rule of Flat.
So in the 5 Wave upward impulse forming in which Waves 1,2,3 and 4 are complete; Wave 2 was a complex structure and hence Wave 4 was a simple structure which is also complete we will get the confirmation after checking in the lower degree timeframe;
Wave 1 is complete we have a proper 5 Wave Upward Impulse complete which comprises Wave 1 of Wave 5 and now Wave 2 will form which is gonna be a correction;
Maruti Suzuki At parallel Channel Resistance Elliot Wave 2Stock post breaking Triangle currently in consolidation at upper channel line drawn from 9929 level.
Red Marubozu on Fri 14th Aug 2020 tells start of down move.
Wave 2 is starting probably gonna consolidate and go down towards fib levels 0.382 (6385), 0.5 (6264).
All bounce towards 6600-6700-6800 short opportunity
STOP LOSS 6900
Potential to hit 6400 6300 positional targets
Disclaimer: Calculated and plotted values may differ little with actual stock movement. Plotted wave count can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
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MARUTI The daily chart shows a beautiful wedge pattern with a tilt towards upward breakout. The weekly chart has shown a MACD uptick yet again and with closing above a strong resistance with good volumes the short term perspective is bullish.
Key Resistance at 6550,6620 and 6750.
Key Support at 6150 and 6000
Happy trading
K