- A good volume breakout can be seen two days ago taking resistance at 100 days EMA.
- Today the stock has retested the trendline.
- Looking at the correction MRF has gone through, a good up-move be imminent.
- Can be bought above 100 days EMA or the breakout green candle.
- 90.2k can be a near term target.
- Educational Purpose only. Trade at your risk....
A detailed Elliottwave correction is labelled. A large wave 3 impulse was followed by an expanded flat Wave 4.
We may have just completed a wave v or 5 of c of C of 4- which has taken the shape of an Ending diagonal. This has also ended at the previous Wave 4 which is typical such corrections. This seems to have ended wave 4 - a large ABC expanded flat.
If the...
Logic
1) Very crucial support formed on chart, (earlier it acted as a resistance)
2) Rounding Bottom formation (denoted by yellow dotted curve) breakout happened and now it is testing its breakout. (I am slightly bullish due to rounding bottom formation)
3) Stock is in a strong up trend
My view is strong bullish keeping eye on it for any buying opportunity.
Go long around 90,000
Target 1 - 93,300
Target 2 - 97,800
Stop loss - 88,600
Decrease in selling volume along with demand candles visible.
Kindly like and provide your support. Feedbacks are welcome.
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
3.Follow us for more patterns and like, share so that we feel it is helpful to many and share more patterns...
3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
1. RSI Weekly and Daily divergence structure
2. Support of previous resistance and current support which is between 80000-84500 zone
3. if the support is breaks 80000 then we can probably see 74142 range
4. Currently at 50 DMA support zone
NSE:CNXAUTO
if know such skill then you can get perfect sector at right time to invest in and same way if you know such skill that will help you to disinvestment in same sector at right time , as right time entry is most important in such stocks( sectors) same way right time exit or partial booking profit also must required. keep earning keep learning.
Learn ....
NSE:MRF
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them. we are not SEBI registered.
I will look at buying MRF because :
It has broken its resistance 81808 after 2 years .
It can show a upward movement .
Entry : 82149
Target : 89894/97525
Stop loss : 73607
nocil : after 3 month consolidation
stock SEEM to set for a QUICK run
to 170 /175 area
stop loss 134/137 area seem safe
after it sustain there
it is possible to kiss 190 area tooo
to cross 200 , ideally should take some consolidation
