The stock has broken out with good volumes and retested therefore it may undergo a reversal rally. Trade is supported by brokerage calls, 200 EMA and Supports Nearby.
Risk Reward Ratio - 1.25:1
SL is placed below multiple support zones, 200 EMA & the previously upper trendline. The target is placed near all time high.
The above analysis is done purely on basis of Price Action & Chart Patterns.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets.
For understanding how to trade a Bullish Pennant Structure, refer to the ideas linked below.
The above analysis is purely for educational purpose. Traders must do their own...
i see good potential in muthoot after long time . range it was trading 1343-1060 since long time but this time it is spending more time near higher range . its for delivery . if sl hits at 1240 than buy above 1342
Daily RSI is above 60 and Monthly RSI is taking support at 60. Volumes seem healthy on bullish days. Finance stocks in general are a little slow today, but the potential exists. An ideal entry might have been when the price first closed above the 50MA on the Weekly chart.
Can buy till 1100 with strict SL of 990
Target := Open for now.
Disclaimer: The view is for study purpose only, I am not a SEBI register person please contact your financial advisor before investing.
➢ Stock Price has broken out on the daily chart where it closed at highest level since 09 Nov
➢ Short term trend of the stock is positive where it is trading above its 5- and 20-day EMA
➢ Oscillators like RSI and MFI showing strength in the stock.
➢ Considering the Derivative & Technical evidences discussed above, We recommend buying the Muthoot
Fin Dec future...
-61.8% fibo level correction on weekly chart. it should act as solid support.
PLEASE SEE CHART FOR FURTHER DETAILS
BUY IF SUSTAIN ABOVE : 1075
TARGET : 1300
STOP LOSS : 1020
**These are my personal observations. Please trade at your own risk.**