NSE:3MINDIA
One Can Enter Now ! Or Wait for Retest of the Trendline (BO) Or wait For better R:R ratio
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and...
3MINDIA (3M India Ltd) looks bullish and has been in an uptrend for a while. It has just crossed 60 RSI on a weekly time frame, above 60 on a monthly time frame & hovering near 60 on a daily time frame.
The volume has increased somewhat in the last two weeks compared to the previous volume bars. The price has been taking support at its support level of 31000,...
3M India Ltd - 13.04.2023
The stock price is within a Channel Range.
The prices are at EMA
Watch out for a breakout above 24000.
DISCLAIMER: This is not a Stock Recommendation. The post is for learning purposes only.
Trade Setup:
Monthly: Forming inside bars from green candle formed in March21. Hammer & doji's formed at the bottom of down trend (positive).
Weekly: Crossed the longterm trend line (red colour), and retest happened. As a confluence, broke out of wedge pattern with volumes, and retest happened. The bottom trend line (pink colour) acting as support. Crossed 50...
The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near resistance.
3MINDIA broke out of a falling channel and is re-testing BO level. If it sustains above 25000, could be a good candidate for going long. Volumes on the rise too.
(For educational purpose only. Not a recommendation)
3M India has given strong breakout above 24000/- and moved upto 31000/- and now retesting Breakout Level of 24000/- and taking support on this level. It appears that rounding bottom is under formation. Good low risk area to take entry in the stock with a SL below this congestion zone.
If head and shoulder pattern activated targets with buying level with stop loss at neckline, will give good reward with low risk.
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Above ideas are for educational purposes only, kindly consult your financial advisor before investing.
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3MINDIA has formed a very good structure on a weekly timeframe.
A strong reversal from the confluence level of support trendline and horizontal support can confirm a Good Long Positional trade with 1: 4+ Risk Reward Ratio. (Target of 30000+ with SL below 23900)
