M&M's 'wicky' price action
Price action on the Mahindra & Mahindra (M&M) chart has been similar for the last three days. High volume in the first hour of the day followed by cooling off for the rest of day as can be seen on the 15m chart attached.
This price action has led to a top wick on the daily candle with higher volume on each day. This is also supported by Bearish Divergence on the daily RSI. It is highly possible that the bulls have been trapped and that stock may see a correction in the coming days. Watch out for a bear push downward. It looks like a good candidate to sell if the price action indicates bearish momentum.
This price action has led to a top wick on the daily candle with higher volume on each day. This is also supported by Bearish Divergence on the daily RSI. It is highly possible that the bulls have been trapped and that stock may see a correction in the coming days. Watch out for a bear push downward. It looks like a good candidate to sell if the price action indicates bearish momentum.
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