Marico Industies, Bullish Piercing Candlestick Pattern.
Marico showed the down trend of 11 days.
Candle of 13/04/2018 a bearish candle.
On 16/04/2018, candle opened well below the low of the previous candle and closed above the 50% of the body of the previous red bearish candle. Volume did not rise.
Entry above the high of the previous bearish candle’s high of Rs.320.50.
Stop loss is the low of the bullish piercing candle of Rs. 313.20.
Risk is 320.50- 313.20= Rs. 7.30.
Target is 320.50+7.30 = Rs. 327.80
Risk reward ratio is 1:1.
Duration expected one week
Target yet to be achieved after entry on 17/04/2018.
