We cannot know whether it's distribution on accumulation but there lies a big Investment or A long Future's swing trade. for a month or3 2. If it turns bullish we can expect new highs which has more probability considering the good fundamental Values of the business.
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
2) TE-REKAB
- 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...
TREND ANALYSIS & TRADE SETUP !
UPDATED CHART !
Head & Shoulder Chart Pattern !
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for entry setup, if available then Long/short.
Reward is 12-18 % Gain.
NSE:MUTHOOTFIN
On 1H chart MUTHOTFIN looks like Following Elliot Wave 5 Wave pattern.
If so the MUTHOOTFIN should show 1204 Fib retracement Level.
And then It may again show down move to complete its 5th wave.
Just a personal View for study purpose no trade recommendation
TREND ANALYSIS & TRADE SETUP
TRIANGLE CHART PATTERN !!
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
August Series Option can be traded.
Wait for entry setup, if available then Long/short.
Reward is 8-10 Times
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
MUTHOOTFIN HAS ALREADY MADE 2 UNSUCCESSFUL ATTEMPTS TO CLOSE ABOVE 1200.A CLOSING BELOW THE SUPPORTING TRENDLINE RESISTANCE CAN TRIGGER A DESCENT CORRECTION HERE.
2.ANY TWO CLOSING ABOVE THE UPPER RESISTANCE LINE WILL HELP IN NEW HIGHS BEING CREATED IN NEAR FUTURE.
CONSIDERING THE VOLUME WITH WHICH BREAKOUT HAPPENED AND THE CONSOLIDATION NEAR 1070-1120 EXPECTING...
