MARICO trade ideas
MARICO - Triangle BreakoutNSE:MARICO has taken support at the support zone, getting ready for a triangle breakout.
looking for the buying set up one of my fav. pattern and i would love to take risk is cup and handle pattern...retest done...planning for long..looks like inverted head and shoulder ..whatever both are bulish patterrn ...
Marico is repeating the history??.Marico has made double top on weekly chart from Aug 2018 to Dec 2018. IT has corrected from 387 (27th Aug) to 282 on (8th October) and again reach 396 (17th Dec 2018) and then corrected to 330 from 390 and then move up.
Now, it has made similar price pattern. Made double top on weekly chart from Jan 20 to June 1 and in between corrected from 344 (20 jan 20) to 234 (23 March 20) and again reach to 352 range and current quoting at 330...based on previous pattern, it seems stock should correct up to 292 around...
MARICOTHE STOCK ON DAILY CHART IS COMING BACK TO RETESTS THE PREVIOUS LEVELS OF CHANNEL , OVERALL STOCKS SEEMS TO BE IN DOWNTREND , AS WE CAN SEE IN CHART PRICE HAS BROKEN THE TREND LINE , NOW THERE IS SUPPORT AT 325 IF IT BREAKS WE CAN SEE THE STOCK TESTING THE LEVELS OF 320 WHICH IS ALSO THE PREVIOUS POC , OVERALL NIFTY FMCG SEEMS TO BE GOING DOWN FROM RESISTANCE , THUS OVERALL CONFLUENCE IS SUPPOR THE STOCK TO TEST 320 LEVELS , NIFTY SEEMS TO BE IN STRONG INTERMEDIATE UPTREND , SHOULD KEEP A STRONG WATCH ON NIFTY AND NIFTY FMCG LEVELS BEFORE TAKING THE TRADE .LEVELS ARE JUST OF INTRADAY AND NOT FOR DAILY OR LONG TERM
VIEWS AND SUGGESTIONS INVITED
THANKS
BO above Rs 322 can take Marico to Rs 350Observe the inverse Head & Holder - a continuation pattern.
MaricoFollow us on telegram for live updates t.me/tradeking9_11
Wait For levels Trade in High Volumes and Liquidity.
If it sustain above 326 then buy with target of 330
If it sustain below 317 then sell with target of 313
Marico in inverted head and shoulder patternThe initial target placed at 332 with the stoploss of 304 and,
the positional target placed at 351 and accumulate in each dept for long term.
MARICO- INVERTED HEAD AND SHOULDER - LONGMARICO has made Inverted head and shoulder chart pattern.
Can take a long swing trade targeting the previous swing high if there is breakout of 322 level.
Entry above 322
Target 350
SL 308 ( 1:2 RR)
POSITIONAL AND SWING TRADING......MARICOMy entry price for Marico is 314.70 Rupees on 14-05-2020
My target - 345 Rupees..
