Marico's price closed with good volumes and RSI above 60. That's a bullish closure. This momentum could continue in the next trading session also.
After falling off of the uptrend line. the price got corrected. Here we can see a bullish butterfly pattern on the chart, the demand zone is formed by the 1.414 and 1.618 fib retracements of the pattern.
The price bounced off of the demand zone and closed above point B with high volumes. This tells there's momentum in Marico. As per the butterfly pattern, traders often trail their profits until point A of the pattern. It makes it necessary to ensure the price sustains above 554 for a new upward rally.
Stop loss is mentioned on the chart and for targets use fib ratios on the chart for trailing profits. If there's any development in the targets or pattern, I will update here.
Happy trading, :)
This is not investment advice. Please consult your financial advisor before investing.
After falling off of the uptrend line. the price got corrected. Here we can see a bullish butterfly pattern on the chart, the demand zone is formed by the 1.414 and 1.618 fib retracements of the pattern.
The price bounced off of the demand zone and closed above point B with high volumes. This tells there's momentum in Marico. As per the butterfly pattern, traders often trail their profits until point A of the pattern. It makes it necessary to ensure the price sustains above 554 for a new upward rally.
Stop loss is mentioned on the chart and for targets use fib ratios on the chart for trailing profits. If there's any development in the targets or pattern, I will update here.
Happy trading, :)
This is not investment advice. Please consult your financial advisor before investing.
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Marico rose above 554 and as analyzed we could see momentum in price and an increase in volumes.