MMTC trade ideas
MMTC, 1D near resistance , wait for proper breakoutMMTC, 1D near resistance, wait for the proper breakout,
above all the moving avegs also.
all short term targets and SL marked on the chart.
All analyses are for educational purposes only.
MMTC Inverted Head & Shoulder & Rectangle Breakout with VolumeMMTC Inverted Head & Shoulder & Rectangle Breakout with Volume
MMTC - Potential Weekly BreakoutSince the beginning of the latest upmove in MMTC from Nov 2020, the stock has been well supported by a rising trendline on the weekly chart (blue coloured diagonal trendline labelled as "support trendline" on the chart).
MMTC made a weekly closing high of 47.1 in early March 2021 and since then, the stock has been sideways to down and has consolidated in the 40-47 area for multiple weeks. The 46-47 region has previously acted as a resistance area for this stock in 2017-2018 and has also acted as a weekly support back in 2014-2015. Keeping this in mind, any breakout above this level will most likely lead to a rapid upside move in the near future.
Coming back to the present, the stock was in a 9-10 week sideways to down move represented by the red coloured trendline on the chart (labelled "resistance trendline"). This week MMTC has broken out of this resistance trendline with the highest volume in the last 9-10 weeks. A continuation of this move is likely and will target the 57-65 area which represent highs made in 2017 and 2014 respectively.
One can go long with a WCB stop loss of 41-43.
MMTC LONGStock has formed 1.5 month long base on the charts and found support at 50 EMA. The consolidation was on low volume and volatility also decreased. Company has posted bad result on 16-Apr-2021, let's see if it already factored the bad result into the price.
In consolidationIf the consolidation is over upon having recently tested and survived long term 2/1 support with decent volume, we may now see some good move in this counter in short term. However a target of 100 by August '21 as indicated by the chart seems to be a little stretched.
MMTC Round Bottom and Triangle Breakout and Retesting DoneAs seen in the charts here, mmtc gave a breakout from round bottom pattern and also from an ascending triangle pattern, after breakout it even retested the resistance line, this is a good signal.
Good to buy above 24 for targets 26, 28 and 35, SL depends upon your risk capacity I would recommend below 16 but its too low, thus SL keep yours
Disclaimer: author may enter in trade, take your own decision , This is an trading idea not an trading or Investment advice.
Happy Trading!!
DAILY SWING CALL // FRIDAY 10th of December 2020 // NSE: MMTCDAILY SWING CALL // FRIDAY 10th of December 2020 // NSE:MMTC
// This is a swing trade call and not an intra-day trade. Please do not expect the stock to go up on the same day of posting or within a few sessions. Please follow the notes along with the posting before, during and after entering the trade //
CMP / LTP: 21.15
TARGET: 24.5 (15% Around)
STOP LOSS: 19 (10% Around)
DURATION: In 15-20 Trading Sessions Target should be achieved
FOR STANDARD NOTES / DISC: Please refer my earlier posts on Tradingview.com
