I will explain to you why i am recommended this stock in long (buy) side.
1) On the daily chart price formed a higher top higher bottom formation. This is 1st indication.
2) Rising channel formation.
3) RSI take a support on 45 level on closing basis.
4) MACD histogram indicate upward trend continuation.
5) 50 day moving average support around 149 level.
Bullish Shark pattern is seen to be forming in the 2H TF in Motherson Sumi. BUY around 148.3-149 (Target - 150.7, SL - 147.4, read below)
I just started learning harmonics, so I'm not confident yet about the various Targets and SL. Want to get comfortable first, in drawing the patterns according to the rules and see the results.
Auto Industry, depicting robust fractals (part 1)
Not long ago, auto industry and its ancillary companies were hitting all-time highs. But lately the mood has been somber. Motherson Sumi is down 40% from its 13 month high (or rather all time highs), whereas Maruti is down more than 25%. So is it the right time to buy?
What caused such change in fortunes? Can...