MRF, India's biggest tyre company has made a new "all time high" today post consolidating for 2.5-3 years. Markets are over heated for ultra short term but the risk-reward is good here.
Plus the entire auto, auto-ancillary and tyre space is in uptrend.
The location of trading activity. At the end of the chart, on the Upper right, we can see that the trading activity moves in the lower part of the value area, between the control and the value Low. This is uncharacteristic for an Uptrend. Additionally, the price rotations are becoming narrower, it is starting to rotate between the control and value Low. In an...
MRF seems to have completed its correction and there is an opportunity to go long. The entry, SL and target (can be higher) are shown.
(This is a risky trade as MRF might make a new low before starting the up move. So if the loss is acceptable, then one can try this).
If weekly closes above 74k, with strength candle.
Waiting for CCI34 to cross 0
Momentum is still not there,
Its reversal's first signal - For Safe trade, wait til Friday to close weekly in GREEN candle.