HEY GUYS, AFTER MY ANALYSIS OVER MRF I OBSERVED THAT THERE IS SOMETHING THAT IS PUSHING THIS STOCK TO DOWNSIDE, AND SO I HAVE DECIDED TO SHORT THIS STOCK.
MRF seems to have completed its correction and there is an opportunity to go long. The entry, SL and target (can be higher) are shown. (This is a risky trade as MRF might make a new low before starting the up move. So if the loss is acceptable, then one can try this).
MRF Tyres seem to have formed a double top. A short below the range, or a long above can be initiated in the following sessions.
If weekly closes above 74k, with strength candle. Waiting for CCI34 to cross 0 Momentum is still not there, Its reversal's first signal - For Safe trade, wait til Friday to close weekly in GREEN candle.
MRF has broken out of a high degree downtrend and is consolidating above the UTL (of the entire move down). Any move above the UTL (of the current consolidation) could be a good entry point for holding it till a target to new highs. This is in continuation of the previous post on MRF, in case that was missed (link attached). The fib levels would act as support. So...
MRF seems to be correcting downwards. It could reverse from any of the Fib levels. A move above the trendline would be confirmation that the uptrend has started.
There are early signs of bottoming out. Awaiting confirmation before buying this one.