MRF - SHORTMRF, touched resistance and looks like bouncing back.
SELL below 52300
Target - 50000
STOP loss - 53000
MRF trade ideas
MRF TYRES - LONGMRF is moving in Channel range and bounced from support levels. Same with RSI.
LTP = 49100
TARGET = 52000
STOP = 48000
Profit = 6%
STOP = 2%
MRF >> Daily Candle >> Bearish Breakdown from Up Trend LineBearish Breakdown from Up Trend Line + Decreasing RSI
MRF - Stock overdue for correctionMRF has raced up around 60% for the past four months without any meaningful correction.
Daily chart is giving indications of exhaustion on the part of bulls.
With a reversal in Nifty on cards, it seems quite likely that MRF will follow suit.
What indicators are saying:
Double top - Price pattern has formed a double top near the 54000 level.
Bollinger bands - CMP is near to upper bound and red candle indicates reversal to mean position.
Decision - On further indication, look for SHORT position.
Targets:
Immediate Fibonacci retracement level - 49500
If 47000 is broken, Target 2: 45500
Stop: 55500-56000
MRF SEEMS GOOD TO SHORT BELOW 50800MRF 15 MIN CHART SHORT FROM 50700-50400 OR EVEN LOW ... FOR TARGET OF 47200
AVOID IF OPENS ABOVE 50800-900 LEVELS
MRF: Will The Support Hold or ..After a massive rally, price has gotten into a correction recently. What the price does at the current support line would be a key development to monitor. If there is a bounce from support, the next question is, will the price clear the resistance at the red line.
The answer to these two questions would provide clue about the near term trend for the stock. Time to be cautious is my take for now. Let's wait for a few days to see what transpires.
Continue holding longs in MRFMRF is not giving any signs of reversal. One can continue holding this stock till we get the start of a corrective move.
Other tyre stocks like CEAT and Apollo Tyres as posted earlier (check the attached links) can be continued to be held (till any visible reversal signs).
MRF- Tyres with Muscle-Bang on Target High-46900Look the jump in MRF Tyres from 45500-45600 zone to 46900 zone- isn't this amazing. You feel pumped up with just one analysis & excited to do more.
Thanks for Support
MRF- A=C & Bullish Engulfing CandleFrom the highs@46471 - If one measures the distance of (A)-wave & project it from (B) -wave top it measures same distance(approx) or equality at 45700's zone which is C-wave
Here exactly at the bottom of C-Wave -we had bullish engulfing candle
Bullish Engulfing Candle
Green candle engulfs prior candle from open to close (which is the cylindrical body) -wicks or upper shadow & lower shadow can be neglected- criteria for bullish engulfing candle.
Trading Strategy
Risky one could be at current levels with strict stops below 45650 lows.
Safe Strategy could be once swing high@46280 is crossed -in that case likely we should have a target equal to at least prior high@46471 & more- stops should be same as above.
Regards,
Abhishek H. Singh, CMT
MRF - ZOOMING UP, Broken Previous Downward TrendlineAs shown on charts, the weekly downward trendline has been broken with strong price action and now we might see the target 1 at 38000 and target 2 41300 with stoploss of 33500
