REASONS-
1) WEEKLY & DAILY TREND IS BULLISH.
2) POSSIBLE FAKEOUT.
3) BEARS TRAPPED.
4) BUYING IN THE DEMAND AREA.
5) I PERSONALLY WILL DIVIDE THE POSITION SIZE INTO 3.
WILL BOOK THE FIRST LOT WHEN REWARD = RISK
WILL BOOK THE SECOND LOT WHEN REWARD = 1.5 x RISK
WILL BOOK THE THIRD LOT WHEN REWARD = 2 x RISK
KINDLY TRADE AT YOUR OWN RISK.
GOOD LUCK ^^
M&M on weekly time frames is poised to correct.
Currently, hidden negative divergences are clearly visible on the chart.
Even though, the price has established a new high post-September 2020 however, RSI failed to establish a new high and its the first sign of loss of momentum.
Applying the Elliot wave theory
From march lows of 250 and recent highs of 760 -...
Mahindra & Mahindra seems very bullish. Created a flag pattern on the 1H chart. Broke out from the flag and has slightly retested the support. Entered on the swing low where it touched the 20 EMA.
Strict exit on SL as there's no guarantee of an up move if the price reaches the SL area.
M&M daily chart has formed a cypher pattern suggesting good support area - 590-580 levels.
Holding these support levels can bring back rally in the stock again.
Short Term Cash Buy M&M @642.25-645.25 SL 630.7 TGT 667
Above VWAP and bearish reversal pattern so we expect more upside also followed by MACD cross over.
M&M has Broken a trend which it was taking support on since 2 months. The Break down is Volume supported. There are multiple support levels which are marked as Target, Ofcorse All targets may not be achieved, but On every target one may do their own analysis to decide whether to remain short for next target or Book Profits and Exit. Stop Loss is very Small giving...
