NSE:MANAPPURAM Sell initiate for 26 Oct 2018 using 30 min chart based on Fibonacci levels, check below sell level
Sell Below : 71.9
Stop Loss : 73.85
Target : 70.85
This stock looks to be bracing up for an upmove to give a decent Risk Reward Trade, following are the favorable conditions:
Technically:
1. multiple tested lows near 98-96 range but failed to break below
2. Have just moved above the most traded zone and should hold these levels if the hypothesis is true
Other reasons:
1. Fundamentally a good stock with good growth...
Manappuram Finance - Seems to have completed 5 waves up. It should at least go below 85. And may even touch 50 depending on how the correctives waves play out.
Covered this study several times. Price is again at 200 DMA. This proves importance of 200 DMA. Expecting that negation with 200 DMA is about to be over.
I covered this stock a few days back. A close study will make it clear that before every time price moved up from 200 DMA, it spent several days at and around this MA.
Bouncing off from upper cloud support on weekly chart and bullish Tenken & Kijun sen cross . One of my favorite chart set up for Long term investment .
