Mahindra and Mahindra (M&M) with support trendline (Technical Analysis training mumbai).

Today on 17th April 2014 our Technical Analysis  team has pulled a stock from Auto – Cars & Jeeps sector – Mahindra and Mahindra (M&M)

The first interesting thing about this stock is the trendline. You can see the stock is currently hovering near the strong trendline. This trend line has been tested previously two times making it more significant for pullbacks. Below is the figure to justify the same.

1] Support the trendline from 24th Feb 2014 to 17th April 2014.

StS green is trying to cross the red adds more to the confidence. 

2] Stochastic in oversold territory and upward direction.

3] RSI is looking good with upward direction.

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