304 TO 307 IS MAJOR RESISTANCE FOR MOTHERSUMI IF CLOSE ABOVE 307 WITH GOOD VOLUME WE CAN SEE GOOD RUN UP BUT ANY PRICE REJECTION AT LEVEL 304 -306 WE CAN SEE SHARP DECLINE UPTO 250 ALSO POSSIBLE
BSE:MOTHERSUMI has taken resistance at its upper resistance trend line.
Stock should take correction from here
CMP - 355
Short below 352
Target - 347 / 327
One can clearly observe: nice rotation of price inside a channel; the wedge formation; and the price bouncing from a support line (red dashed line). Currently the stock has retraced back to an important confluence point at 214-215 zone.
On short side, a break below the confluence zone can take the price to 310.50 and 307.50 levels. Stops would be above 320.
On...
It is been observed on the hourly chart that the price action breaks above the symmetrical triangle indicating a further move up.
Target: 336
Target: 340
Stoploss: 328
It is been observed on Hourly chart that the price action breaks from the symmetrical triangle formation and came down and retrace back to the previous support which now acting as resistance. Now, it shall further move down.
Target1: 309
Target 2: 302
Stoploss: 321
