MARICO Daily Chart Analysis [ 9th June ]
Hello everyone !
Lets analyze a swing trade -
MARICO
On Daily Timeframe we can see that the price of this stock is in an uptrend and is moving in a parallel channel since January 2022.
CMP of this stock is 496 and we can plan a long position on this trade.
Currently the price is at an important SUPPORT level and is ready to approach to its major Resistance level.
Reasons why I am Bullish on this trade:
1) Technical Analysis is all about HISTORY REPEATING ITSELF and the price of this stock has respected its current Support level many times in
the past and now is ready to approach approach its Resistance level which also has been respected many times in the past.
2) If we have a close look on the candle pattern of 9th June, we can see that the candle is a BULLISH HAMMER pattern, which can be a strong sign of trend reversal.
3) As per Pivot Points also, 499 is a strong support level.
Now, my target on this stock is 549. which is around 11% upside from its CMP.
We can get a good Risk to Reward ratio of 1:5
Disclaimer :
I am not a SEBI registered Analyst so please do your own Analysis before taking any action. The above view is shared just for educational purpose. By no means shall be responsible for any losses amounting out of it incase if any trades on it.
Lets analyze a swing trade -
MARICOOn Daily Timeframe we can see that the price of this stock is in an uptrend and is moving in a parallel channel since January 2022.
CMP of this stock is 496 and we can plan a long position on this trade.
Currently the price is at an important SUPPORT level and is ready to approach to its major Resistance level.
Reasons why I am Bullish on this trade:
1) Technical Analysis is all about HISTORY REPEATING ITSELF and the price of this stock has respected its current Support level many times in
the past and now is ready to approach approach its Resistance level which also has been respected many times in the past.
2) If we have a close look on the candle pattern of 9th June, we can see that the candle is a BULLISH HAMMER pattern, which can be a strong sign of trend reversal.
3) As per Pivot Points also, 499 is a strong support level.
Now, my target on this stock is 549. which is around 11% upside from its CMP.
We can get a good Risk to Reward ratio of 1:5
Disclaimer :
I am not a SEBI registered Analyst so please do your own Analysis before taking any action. The above view is shared just for educational purpose. By no means shall be responsible for any losses amounting out of it incase if any trades on it.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.