Fresh Buy
TGT1 - 100
Positional TGT - 120
𝑫𝒊𝒔𝒄𝒍𝒂𝒊𝒎𝒆𝒓:
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Menon bearings trading near support line of the channel. swing traders can Enter while bouncing back from support and make decent profits. Good for holding long term as well
Menon Bearings limited
1.Stock is seen making a Bullish engulfing
2.Good volume is seen in the chart
3.Clear RSI Divergence is Seen
4.Stock is trending Above 200 Moving average
5.Taking suppport from 0.618 Fibonacci
6.Last but not the least ,Company with good fundamentals and high Pitroski score
Menon Bearings ltd
1.We can see that the stock has made a Bullish engulfing of Day chart
2.Trending above the 200MA
3.A clear Rsi divergence is seen
4.And taking Support from 0.618
5.A company with good fundamentals having Good pitroski score
What's more confirmation needed
Menon Bearings is engaged in the business of Bearings, Bushes and Thrust Washers, Aluminium Die Casting Components having applications in Heavy & Light commercial vehicles, Tractors, Construction equipment, Material handling, Stationery, Diesel, Gasoline and CNG engines.
Market leader in bearing industry: MBL started its operations way back in 1994 and since...
📌 Levels are mentioned on chart for ❝Swing trading❞.
The stock has shown good volumes along with the 5 yr Resistance BO .
📌 Net profit of Menon Bearings rose 95.45% to Rs 6.45 crore in the quarter ended March 2021 as against Rs 3.30 crore during the previous quarter ended March 2020. Sales rose 53.53% to Rs 46.52 crore in the quarter ended March 2021 as against...
Buying volume seems to be pushing the stock higher. There is a lot of noise in the chart.
Can be bought above 67 for a target of 74/84.
Note: Educational purpose
Menon Bearings in the Cup & Handle pattern. Probable target 68.2, i;e the depth of the cup from the current value. Target of 30%. Book half amount @20%. For educational purpose only.
Very interesting company , play on higher tractors demand & turnaround in HCV decent Q2 results
& it seems to have come out of long downtrend
Disclaimer - Its not a recommendation to BUY but idea worth tracking
NSE:MENONBE is ready to breakout, Be ready to take position in that with the target of 95-100. Risky traders can initiate their position before breakout having positive view near to 75.
Menon Bearings Ltd. engages in the manufacture and sale of bearings, bushes, and thrust washers. It caters light and heavy automobile engines for light and heavy automobile engines, two wheeler engines as well as compressors for refrigerators and air conditioners. The company was founded by Ram Krishna Menon on July 4, 1991 and is headquartered in Kolhapur, India.
NSE
![MENONBE: 5 Yr Resistance BO MENONBE [Auto Sector]⚙️](https://s3.tradingview.com/g/GvxOjHq8_mid.png "5 Yr Resistance BO MENONBE [Auto Sector]⚙️")
