Marico forming double top and look for short
Only for education purpose not to be taken as a trading call. CHART BY HARMONIC LEARNING AND EARNING
Breakout on chart
Strong chart is within few pct of all time highs.. money moving into defensives positional traders Can go long with stops at 360
buy merico 366-360 sl 355 tgt 379-395-400
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...
Buy Marico at CMP 332 SL 320 Target 350. STock almost forming a rounding bottom at 325 ....and inverse head and sholuder pattern
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...