MUTHOOT FINANCE LT - TRENDLINE SUPPORT TO THE DOWNTREND!!

7 Tem 2020

MUTHOOT FINANCE LT #MUTHOOTFIN

- HAS BEEN IN A DOWNTREND FROM 22ND JUNE
- NOW MOVING SIDEWAYS IN A CHANNEL
- TAKING STRONG SUPPORT FROM THE TRENDLINE AND 200EMA

INDICATORS:
RSI - NEAR 20-LEVEL: STRONG DOWNTREND
TT2 TREND TOOL: BEARISH IN 30MINS AND DAILY TF
CVD - NEGATIVE!

CONCLUSION:
1. IF THE PRICES BREAK THE TRENDLINE.
SELL BELOW 1073
TSL 100EMA
TGT 400EMA/1000

2. IF PRICES TAKE SUPPORT FROM THE TRENDLINE, WE MIGHT SEE A TEMPORARY PULLBACK TO 1167 LEVEL.
IF THE UPPER CHANNEL IS BROKEN, NEXT RESISTANCE IS 1234/1282.

KEEP AN EYE!!

NOTE - BREAKOUT HAS TO HAPPEN WITH VOLUME AND FOLLOWUP CANDLE MUST SHOW CONVICTION!!
***in case of GAP opening, the given levels become invalid.
***this is my personal view. Please take advice from your financial advisor before investing.