MNM as per elliot wave theory is on verge to mature its motive phase and soon the corrective phase might unfold ,which would lead to deep retracement in the ongoing rally for this counter. Recently counter gave a breakdown from the ascending trend on a structure of parallel channel and now counter have retested the same channel levels. Bearish divergence on RSI...
After following the similar structure M&M is back in consolidation mode, But which way is it breaking this time??
Rsi divergence, Big resistance, stretched EMAS, are the reasons why I'm taking the short. Lets see how it goes
Mahindra has broken out of the triangle pattern. looks good for positional traders with low risk and high reward. SL targets are mentioned on the chart.
Trade accordingly. Wave Formation Wait for a clear breakout and then trade
GO LONG IN MAHINDRA & MAHINDRA AS TRENDLINE IS BREAK RECENTLY HINTING POSSIBLE MOVE UPSIDE TILL CLOSING ABOVE 330 LEVELS.