Targets : 403-349 Sell range : 450-460 Stoploss : 511 Duration : 4-5 weeks
Outlook :
The stock is in strong uptrend as it continues to conquer uncharted territories in a rising peak and trough manner. Stock has jumped by more than 50% in last Six Month from its lowest level of 265.0 dt 26-Dec-16.
The key observation on the price chart of...
The stock has been trading inside a channel for a very long time. CMP 466 ;My view the stock is surely heading for 500+. Please do post your comments below what you feel abt the stock price.
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Muthoot Finance has broken down from its symmetrical triangle pattern and target of 270 can be achieved. Once can go short with a target of 280/270. Given its good fundamentals one can go long again at 270.
It is been observed that the price action breaks out from a symmetrical triangle on a daily chart, indicating a strong selling and further weakness ahead. It is important to confirm the breakout with a close below 350 levels.
T1: 325
T2: 310
T3: 300
Stoploss: 370
As seen after a strong uptrend price has been contracting in a narrow range, making lower highs and higher lows (symmetrical triangle) in the daily chart. A breakout with volumes on either side will decide the trend of this stock.
I would be more interested in the breakout on the upside as it is the primary trend. I will keep this stock in watchlist and review it...
