Long term analysis and a possible breakout trendline triangle... Support at 1180 and upward trent can start soon.... This is for educational purpose only, speak to your financial advisor before investing
There may be a entry chance here with stop loss of 1125-1120. target will be around 1360 or even much higher.
Only for educational and knowledge sharing purpose, not a trading advice.
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ALL THE LEVELS ARE MARKED ON CHART, RED ZONES DENOTES SUPPLY ZONES AND GREEN IS FOR DEMAND ZONE .
NEED TO SEE HOW THE PRICE PERFORMS NEAR THE BLACK TREND LINE.
The indicator used:
1) Daily Lines plots Daily 20 & 50 EMA on lower time frame charts
- PB : PULLBACK
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The Descending Triangle is bearish formation during a downtrend of a security. However , there are instances when Descending Triangle forms a reversal pattern which seems to be the case of Muthoot Finance. Targets on the chart.
Disclaimer : The opinions and analysis expressed herein are for informational and educational purposes only and should not be considered...
Our previous Analysis on Muthoot finance failed due to doji on candle 2 weeks back. Please follow current set up.
Muthoot after breaking out above 1180, never closed before that on weekly closing hence our sl is 1180/1175 weekly closing basis
Views are for educational purpose only