Maruti Flags Bullish Amid Technical Breakout

On the daily chart, the stock is forming a bullish flag pattern after sketching the flag pole on an attempt to breakout from a triangle pattern.

The stock price for the last few weeks were gyrating between a very tight range and has moved past the range on 03 Dec 2020 with surge in volume.

The first minor support is near at 7300 level were the stock will come back to test the breakout area and the major support at 6300 level.

Any sustainable move above the flag top 8000 level results in a powerful move higher.

1 Comment

  1. ravichandran

    most likely the stock could hold the position for the coming days considering the sales date and auto market trend, if so then, after consolidation, we can expect a upward movement. so view is trending / slightly bullish

    Reply

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Article Info

Published Date: December 10, 2020
Author: Valarmurugan

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