Marico: Chart set up & trading strategy
Diupdate
Marrico
CMP 290
Observation
- 285-268 is crucial zone
- if the zone is held, a possible Head & Shoulder in the making with confirmation of pattern above 315 neckline that may occur in mid-May
Based on the view one may consider
Strategy 1
Safe Buy above 315 for target of 333 / 340 / 345
Strategy 2
Aggressive traders may consider Buying on dips in the zone of 285-268
Stop loss if closes below 258
Take care & safe trading...!!!
CMP 290
Observation
- 285-268 is crucial zone
- if the zone is held, a possible Head & Shoulder in the making with confirmation of pattern above 315 neckline that may occur in mid-May
Based on the view one may consider
Strategy 1
Safe Buy above 315 for target of 333 / 340 / 345
Strategy 2
Aggressive traders may consider Buying on dips in the zone of 285-268
Stop loss if closes below 258
Take care & safe trading...!!!
Catatan
On 28 April, we gave a time frame of mid-May for Marico to reach around 315. Here we are on 14-May, Marico managing to close at 318 even when broader market is struggling...Just hit the play button on the chart & enjoy the beauty of Technicals.
This is what Technical Analysis can do for you....
Friday is also a weekly closing. Keep a close eye. Needs to hold above 315 for further momentum. If closing is below 315 then it may give entry opportunity again around 309-304 levels. So plan your trade accordingly
Enjoy ...!!!
Catatan
Marico Cmp 317The stock is getting resisted at 321-323 levels
Consider to book profits now & look to re-enter at lower levels around 306-304 levels
Catatan
Made a low of 304.60.
Bounced precisely from the said levels.
Enjoy...!!!
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