Super Cycle wave (1) completed around 290 high in Feb 2008 and wave (2) which looks like a corrective double zig-zag ended at 20 in March 2020. If it is over, super cycle wave (3) will push the stock to record new highs may be much above 250+.
Currently, it looks like it is nearing channel resistance which might put some pressure in the short term but that...
Stock is in minor degree wave (iv) correction which should get over around 350-340. Accumulate in the range of 370-350 with SL 310 for targets above 550, 600+
All breakouts and targets are mentioned on the chart.
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Stock has given clear inverse head and shoulders pattern breakout over the levels of 400 on the weekly charts and has confirmed it with the following bullish candles. Stock can definitely be accumulated for a good long position on the lower levels with the stop-loss of 400 for the targets of 600.
Since March 24, 2020 Nifty had begun its D wave of a NEUTRAL TRIANGLE (a special type of NeoWave pattern). This D wave has formed a Bow-Tie Diametric pattern.
All calculations are marked in the chart.
As G wave of a diametric pattern tends to equal A wave, the possible culmination of this wave is very near at 13100 levels and E wave of the NEUTRAL...
NSE:MUTHOOTFIN
Weekly flag pattern and positive outlook for finance
Monthly hammer at bottom for September month
view negated below 950
Disclaimer: I am not a SEBI register person please contact your financial advisor for advice.
This analysis is for longterm as i have choose monthly timeframe.
Reverse Head & Shoulder pattern is forming in monthly timeframe an many more indicator suggesting bullishness.
One could really consider this one for longterm investment.
****Disclaimer****
Trade with risk management but don't get afraid of taking risks because at the end winner is who takes...
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In the previous update- Likely I was looking for a fall from 1430's to 980-1010 zone- Excited, as I got some chunk of the move, which comes once in the blue moon shown as oval shape. The sharp fall happened between 11th to 15th...
