MARUTI - A strong conviction, Buy on Dips chart structure
WHY?
- A meaningful INHS breakout on the monthly chart (Black-line) is sustaining for a long period now, confirming strong medium-term bullishness.
- On the weekly chart Price is protected by a trendline (Green), Below which it only traded in RUSSIA - UKRAINE crisis and still closed above that
- The NSE auto index (CNXAUTO) is also showing medium-term bullishness which will act as sentimental support
- Resistance on the above side (Red) is tested multiple times and the chart can break out at any time in the next few months.
- So keep adding MARUTI near to its weekly support line
Happy Investing
- A meaningful INHS breakout on the monthly chart (Black-line) is sustaining for a long period now, confirming strong medium-term bullishness.
- On the weekly chart Price is protected by a trendline (Green), Below which it only traded in RUSSIA - UKRAINE crisis and still closed above that
- The NSE auto index (CNXAUTO) is also showing medium-term bullishness which will act as sentimental support
- Resistance on the above side (Red) is tested multiple times and the chart can break out at any time in the next few months.
- So keep adding MARUTI near to its weekly support line
Happy Investing
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.