Bullish Possibility:
In our last post and earlier post, we discussed that,
Zooming on it's last 2 months chart we find that 3800 is a solid resistance from where it fall couple of time making this resistance a significant one. Now in coming week if this stock able to float above this resistance level then can move quickly to 4443 approx due to inverse H&S effect.
Unquote
For the last couple of weeks Maruti has put on couple of doji signals on weekly chart. Doji signals indicated indecisiveness between bulls and bears and also some times indicate formation of tops. But the good thing is that Maruti still floating above 3800. So till this is trading above 3800 bulls are safe and look for first 4177 and next 4340 approx.
Bearish Possibility:
As can be seen from the above hourly chart of Maruti, this stock is some how managed to float above 3800 last week and if dip down below 3800 then could eventually target the lower horizontal support line of the consolidation rage discussed last week which also coinciding with ascending trend channel (green channel in the above chart) support line at 3600.
Summary:
1) Maruti is bullish above 3800. Above 3800 1st target 4177 and next one 4340 approx.
2) Maruti in consolidation range in 3600-3800.
3) Short Maruti Stock below 3800 with with SAR at 3800 + Filter. For Maruti I use 20 points filter value.
Final Words:
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
In our last post and earlier post, we discussed that,
Quote
Zooming on it's last 2 months chart we find that 3800 is a solid resistance from where it fall couple of time making this resistance a significant one. Now in coming week if this stock able to float above this resistance level then can move quickly to 4443 approx due to inverse H&S effect.
Unquote
Now let's analyze our Maruti position for this week.
 |
| Maruti Stock Weekly Chart |
For the last couple of weeks Maruti has put on couple of doji signals on weekly chart. Doji signals indicated indecisiveness between bulls and bears and also some times indicate formation of tops. But the good thing is that Maruti still floating above 3800. So till this is trading above 3800 bulls are safe and look for first 4177 and next 4340 approx.
Bearish Possibility:
 |
| Maruti Stock Hourly Chart |
Summary:
1) Maruti is bullish above 3800. Above 3800 1st target 4177 and next one 4340 approx.
2) Maruti in consolidation range in 3600-3800.
3) Short Maruti Stock below 3800 with with SAR at 3800 + Filter. For Maruti I use 20 points filter value.
Final Words:
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
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