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internal_0rgan
May 6, 2020 8:50 AM

Mahindra & Mahindra Positional Idea Long

NSE:M_M120
MAHINDRA &MAHINDRANSE

Description

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M&M is trading near 375 and can go up to 390 or 405/10 levels after a breakout.
Above 380 looks good.NSE:M_M

Trade closed: target reached

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Rocketed to 388 after breakout.
Exited at 387.
Captured 8 points in few minutes so will not hold for any longer as markets are very volatile

Comment

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It reached the target of 391 but I exited early due to volatility

Comment

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Traded it again after it crossed resistance level of 393.80 for targets of 398 and 402.

Trade closed: target reached

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Chart PatternsmahindraandmahindraM_Mswingtradingbreakouttrading
Comments
RahulPhayde
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M&M is making double top pattern at 390, so it might come down up to 329 level, please correct if im wrong.
internal_0rgan
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@RahulPhayde, I don't think so. I look out for double top,double bottom,head and shoulder patterns in higher timeframes ( 45 min, 1hr ) as they prove to be more reliable. Maybe in lower time frame it is making a double top pattern,but in higher time frame i dont see any clear double tops.
internal_0rgan
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@RahulPhayde, But it can still go down because 390 levels are acting as resistance. If it breaks the resistance then we can expect higher upmove else it might go down
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