IS MARUTI LOOKING FOR A BREAKOUT ?

Maruti Suzuki , under retracement trying to find its way to the original uptrend. Currently moving under the channel from 8635.20 and 8966.25 . Here recently we saw a false break out the support, which in turn implies that buyers will not let it come down now. The stock is also supported by two EMAs and thus we may probably see a break out at resistance this time. Small stop loss , make a good risk reward ratio and hence, I firmly believe that it a nice trade to enter.

Technical Indicators :
CMP : 8,696.25,
RSI : 48.78
ADX(14) : 34.70 ( Directional Strength )
ATR (14) : 126.6 ( Less Volatile )
MACD ( 12,26) : 35.25