Thursday, 30 November 2017

MARUTI IS IN SHORT TERM REVERSAL PHASE


SELL MARUTI BELOW 8594 TGT 8550/8500 SL 8660

TECHNICAL VIEW:  After showing strong bullish movement, it is forming a reversal pattern in short-term charts, the Primary trend of the LT is bearish. Strong Support level is seen on the daily chart at 8594. , it is likely to show correction with the breach of the support level of 8594, where one may initiate the short position in it for the targets of 8550/8500, while stop loss can be placed at 8660. On the other side, It is likely to continue the upside move in near term with the crossing of the resistance level of 8660. as the stock is managing to trade above its 22& 50 and 200 days moving averages with the RSI of 70.  After the breakout, the level of 8660 One may get the targets of 8690,8720 in the stock with the stop loss of 8570.
DAILY CHART FOR MARUTI:

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