Motilal Oswal : Hourly BreakoutMotilal Oswal has given a fresh hourly breakout after a decent consolidation with good volumes. The Broking sector has been doing well most brokerages have reported excellent results and growth in earnings. Price action has also been positive for many names like angle, Goegit etc.
This breakout above 750 for Motilal oswal can see it move much higher in next few months.
MOTILALOFS trade ideas
Falling Wedge Reversal Pattern!The falling wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. Buy for 857 with stop loss close blow 600. A major registration is formed on 857. After it broke we will see a long boom in it.
MOTILALOFS consolidationit is forming symmetrical triangle on weekly chart. and strong support seen at 600 level. and this stock has been consolidating between 600 - 666 for the last 6 months.
RSI is at 47, which took support at 40 and raised from there.
+ADX > - ADX indicating bullishness. but ADX line is in downward indicating low momentum.
risk to reward is favorable as current price. if it sustains above 600, it can retest 660 levels once again and if that is broken 715-730 could be the next stop.