We witnessed a false breakout towards the ascending triangle
on Marico. And a Double top on the 7th of Jan 2019.The ascending triangle continues to be intact
confirming a strong bullish trend with targets of 360 and towards 400
However, if Price breaks below 324 . The Stock would consolidate towards 260.
(Recommendation Buy at CMP with targets of 360 and 400 SL at 319)
Marico is on a position of strong buy for a Swing trade . But don't rush IN too early , as it does not confirms signs of any reversal .
Wait for few days , let it rise for few days , and if it manages to make Higher HIGHS and Higher LOWS in an ascending staircase pattern .That's the point you should enter into this trade to play safe .
Before getting...
On the heikinashi charts of Marico on weekly timeframe, we believe it to be trending upwards with a SL at 337 on weekly closing on heikinashi for a target of 375-390 in 2 months time frame...
