Although M&M slipped sharply after its monthly numbers, it is probably tracing a triangle. The upside should be capped for few weeks to recent highs around 814. Downside may extend to 720 (not beyond for few days). Seems good candidate for short strangle. Can also do a broken iron condor by adding a put protection to the downside, should ensure minimal loss if...
M&M breaks out of a pattern, shows a classical throwback. It inches up higher again and likely to confirm the breakout over coming days. RSI is seen breakout out of a formation. OBV forms a new high which is bullish. Bullish divergence on RSI is observed on both Daily and Weekly Charts.
M&M showing signs of trend reversal here..
1. RSI divergence
3. Bearish Engulf Candle
Targets on the right in black.
This chart is for study/educational purpose only.
I won't be liable for any P/L made by using above chart.