Mahindra & Mahindra Tech Setup
One of the TV member asked for M&M technical analysis. Here it is.
View: Long
Positives:
1. Prevailing long term trend is bullish.
2. Possible Flag pattern seen.
3. Corrective price action with reducing volume.
Price action of last time when M&M broke above the trendline of polarity, the retracement back to the support was quick with high volume (Marked as 1). Price action of current correction (Marked as 2) is very different from (1). The formation of a flag with reducing volume means the stock has underlying strength.
Negatives:
1. Stochastic Momentum is bearish and yet to signal a reversal.
2. Close to the trendline of polarity, a break below the line will reverse the underlying strength.
Caution:
Notice that M&M is strictly following Nifty in the price action and view would be negated if Nifty breaches its support. Needless to say, this view is strictly educational.
View: Long
Positives:
1. Prevailing long term trend is bullish.
2. Possible Flag pattern seen.
3. Corrective price action with reducing volume.
Price action of last time when M&M broke above the trendline of polarity, the retracement back to the support was quick with high volume (Marked as 1). Price action of current correction (Marked as 2) is very different from (1). The formation of a flag with reducing volume means the stock has underlying strength.
Negatives:
1. Stochastic Momentum is bearish and yet to signal a reversal.
2. Close to the trendline of polarity, a break below the line will reverse the underlying strength.
Caution:
Notice that M&M is strictly following Nifty in the price action and view would be negated if Nifty breaches its support. Needless to say, this view is strictly educational.
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