From the chart, it is seen that after a period of non-trending price movement, a bullish gap appears at the breakout with high volume. This gap is not expected to get filled in the near term and the price is expected to go further up. Therefore, it is recommended to create a Long position. It is also to be noted that although the Global and Indian market trends are almost neutral, Auto industry is exhibiting an aggressive Bullish trend.
M&M forms a Bullish Gap at Breakout
