These are compelling reasons to consider a long position on M&M: * Daily Support Level: When a stock holds at a daily support level, it often signals a buying opportunity as it tends to attract buyers, limiting downside risk. * Above 200-Day Moving Average: This is a strong indicator of an uptrend. Trading above the 200-day moving average often suggests positive sentiment and longer-term bullishness. * Relative Strength Against Nifty: Outperforming the broader market, such as Nifty, shows investor confidence in M&M compared to other sectors, suggesting resilience and potential for further upside. * Nifty Auto on Support: Support in the Nifty Auto index can help support M&M’s price movement since positive sentiment across the sector typically benefits individual auto stocks.
Waiting for confirmation with a CHOCH (Change of Character) on the 1-hour timeframe is a solid approach. Here’s a structured plan based on that:
* Wait for CHOCH on 1-Hour: The CHOCH would confirm a potential shift in market structure, This adds more reliability to the trade setup. * Entry on Retest / FVG / IFVG: • Retest: After the CHOCH, a retest of the breakout zone could provide an optimal entry, ensuring the breakout holds. • Fair Value Gap (FVG): If an FVG appears within this structure, entering here could capture the shift in momentum at a lower-risk point. • Imbalance Fair Value Gap (IFVG): An entry on an IFVG could further refine your risk-to- reward ratio, especially if market liquidity fills these gaps.
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