Volatility Contraction Pattern has been observed here.
Higher High - Higher Low setup
MACD is supporting this bullish set up.
About 40-42% is up for grabs
BUY - MENON BEARINGS LTD
CMP - Rs. 135
Target - 1: Rs. 180
Target - 2: Rs. 230
Target - 3: Rs. 320
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Technicals - Cup and Handle Pattern BO
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This is just a view by an expert analyst, please invest at your own risk.
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Menon bearings have shown some sort of pull back at the level of 92.50, thus it would be the stop loss.
A small stop loss and with a bullish view of 5-7% momentum up to the price of 104.
thus the target is 104
and stop loss is 92.50
Company:- Menon Bearings Limited
Rsi:- greater than 57
volume rising on green candle and lower volume on red candles.
Stock has given breakout of Jan 2022 level on 6th September and after that stock went in one sided upward rally. Now consolidating since 1 month.
Strong seems to be ready for another upward rally.
Buying range :- Accumulate Stock in range of...
Menon bearings trading near support line of the channel. swing traders can Enter while bouncing back from support and make decent profits. Good for holding long term as well
Menon Bearings is engaged in the business of Bearings, Bushes and Thrust Washers, Aluminium Die Casting Components having applications in Heavy & Light commercial vehicles, Tractors, Construction equipment, Material handling, Stationery, Diesel, Gasoline and CNG engines.
Market leader in bearing industry: MBL started its operations way back in 1994 and since...
