Mahindra & Mahindra (M_M) is ready to accelerate...
Coming out of a 28 week consolidation, where it also formed the inverted head and shoulder pattern, the stock broke its 4 year high on the week ending 30 May. Subsequently, in the following weeks it retraced back to its breakout level before bouncing back to settle at 1072 this Friday.
The stock is above the key weekly EMAs of 10, 20 and 30, in uptrend and a strong relative strength. In my opinion, the stock is looking to gain further upside with a conservative target of 1250-1300 in the medium term, and 1400 in the long term.
However, always keep a strict stop loss in your trade (ideally 5-8%)
PS: Not a buy/sell recommendation | Do consult your financial advisor
The stock is above the key weekly EMAs of 10, 20 and 30, in uptrend and a strong relative strength. In my opinion, the stock is looking to gain further upside with a conservative target of 1250-1300 in the medium term, and 1400 in the long term.
However, always keep a strict stop loss in your trade (ideally 5-8%)
PS: Not a buy/sell recommendation | Do consult your financial advisor