Testing Key Breakout Point—Symmetrical Triangle Formation

20 Agu 2024

✅ The stock has been consolidating within a symmetrical triangle pattern, which typically precedes a breakout. The price is currently testing the upper boundary of the triangle near ₹305, indicating that a decisive move may be imminent.

✅ The long-term ascending trendline has provided strong support, and the recent upward movement suggests that bullish momentum is building. A successful breakout from the triangle could lead to a significant upward rally.

✅ The RSI is currently at 55 reflecting positive momentum. If the RSI continues to rise, it would confirm that the bullish momentum is gaining strength, supporting a potential breakout above the triangle.

✅The company has a solid foothold in rural and semi-urban areas, which positions it well for growth as India’s economy continues to expand. M&M Financial Services has been reporting improving asset quality and strong disbursements, which supports its long-term growth potential.

22 Agu 2024

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