Marico: Chart set up & trading strategy

Marrico
CMP 290

Observation

- 285-268 is crucial zone

- if the zone is held, a possible Head & Shoulder in the making with confirmation of pattern above 315 neckline that may occur in mid-May

Based on the view one may consider

Strategy 1
Safe Buy above 315 for target of 333 / 340 / 345


Strategy 2

Aggressive traders may consider Buying on dips in the zone of 285-268

Stop loss if closes below 258

Take care & safe trading...!!!

Commentaire:

On 28 April, we gave a time frame of mid-May for Marico to reach around 315. Here we are on 14-May, Marico managing to close at 318 even when broader market is struggling...
Just hit the play button on the chart & enjoy the beauty of Technicals.
This is what Technical Analysis can do for you....

Friday is also a weekly closing. Keep a close eye. Needs to hold above 315 for further momentum. If closing is below 315 then it may give entry opportunity again around 309-304 levels. So plan your trade accordingly

Enjoy ...!!!

Commentaire:

Marico Cmp 317
The stock is getting resisted at 321-323 levels
Consider to book profits now & look to re-enter at lower levels around 306-304 levels

Commentaire:

Made a low of 304.60.

Bounced precisely from the said levels.

Enjoy...!!!