HELLO EVERYONE THIS IS THE SETUP I AM MONITORING SINCE LAST WEEK FOR POSITIONAL ENTRIES
YOU CAN HAVE A LOOK ON IT AND CAN ADD THIS TO YOUR ANALYSIS AS A REFERNCE
JUST A SETUP YOU CAN USE TO LEARN THE PRICE ACTION.
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-RV THE TRADER
Mothersonsumi its bullish and uptrend but now retracing there is dynamic support on Main trendline but it is very far, if you are holding exit below 126 if it does not take support at 127.8 once taken support next target will be 140 & thn 151
Smart money accumulated before starting uptrend.
They will try to defend the position by buying when price comes into buy zone.
Note - High volatility before 9:30am and after 2:45pm. Manage risk accordingly.
Motherson Sumi price moving between ascending triangle price pattern. As per my understanding we can breakout tomorrow and day tomorrow. Possibilities are for tomorrow.
Upside target 95/96/97
if any-case we can't see the breakout stock will travel to downside triangle boundaries and than bounces back.if any case unable to sustain and we see breakdown that...
Note: This is for educational purpose only.
There is no confirmation yet but seems there might be a channel breakout (bearish) as there is huge selling volume. However, confirmation is needed as the channel has not broken downwards.
Date: 29 June 2020
Motherson Sumi (CMP 95.30) has taken support at multiple times in the past. Likely chance of upside movement.
Today also stock priced retraced from the day's low and closed near the open price, slightly above the 20 DEMA level.
Immediate upside target will be 100 and down side for SL will be 87.85
Breakout above 100 with increasing volumes...