$MARUTI gone mad hits major resistance. LT fib Ext 2.6 and parallel channels . calls for a spec short here
Today, it was totally a buyers show as it was in Bajaj Auto (attested below). Buyers actively took the prices up and above from previous resistance level of 5015 and now it shall move further up and reach to 5200 levels before the profit booking takes place. It is a good time to enter with stoploss at 4920.
After a long rectangle consolidation, the buyers have taken control and made a new high in prices. I believe it shall go higher as a new wave.
I have observed three doji candlesticks, that denotes consolidation or distribution, where previous buyers book profit or distribute their shares. It is at the level of selling or resistance. I believe it is a good time to short it now at minimum risk size and also at this point where Nifty is also looking bearish. Further 3 points noted: 1. Doji formation with...
MARUTI - LONG TERM is going to Go DOWNNNN - It should break the 3900 Mark
Short Term - Maruti will Go till 4250 - 4275 Levels. But Long Term it will for sure Fall
Fundamentally Nothing Wrong !! But Technically its overbought !! Trading close to upper resistance trendline !! MACD & RSI showing declining trend while stock is climbing up very slowly !! Short With SL as Life High (4750) !!
It seems like maruti has steamed out with price action, where price is increasing but with low volume, showing weakness. I believe it has completed its 5 wave impulse move in its weekly chart. In order to confirm the bearish trend reveral, I'm waiting for a break out from the ascending triangle or rising wedge to downward.