MAXIND Bang On- 2 Best Indicators You Cannot Miss!

adx indicator maxind Jan 08, 2024

MAXIND Bang On- 2 Best Indicators You Cannot Miss!

Sometimes simple price pattern along with price indictors creates wonder if one combines it together! See yourself how we identified such massive move in MAXIND. Check out how we selected this momentum stock named as MAXIND which has rallied more than 15%.

We published MAXIND analysis in "The Financial Waves Short Term Update" on 3rd January 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.

MAXIND Weekly chart Anticipated as on 3rd January 2024

MAXIND Hourly chart Anticipated as on 3rd January 2024

Analysis as on 3rd January 2024

MAXIND has been moving higher recently and intact in strong uptrend. In the previous session it closed with a massive gain of 9.97%.

On the weekly chart, in the previous session prices formed a bullish candle. A weekly close above 195 will confirm breakout of the rounding bottom pattern. We have shown ADX indicator which gives an indication if the stock is trending or in a trading range. The low readings of ADX indicates that the stock is in a range. The Adx of this stock is 34.94 giving an indication of a trending market. The reading above 25 means strong directional strength.

As shown on the hourly chart, we have applied parabolic SAR which used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price which is deemed to be a bullish signal. Closest support is placed at 195.

In short, trend for this stock is positive. Use dips towards 202-204 as a buying opportunity for a move towards 225-227 levels as long as 195 holds on the downside.

MAXIND Daily chart Happened as on 8th January 2024

Happened: After we published the report, the stock made a dip exactly towards 202 levels which we mentioned earlier. Within a single day, the stock has given more than 15% return in such choppy market and moved way beyond our target which was of 227 levels. Stock made high of 233.3. Price action supported the trend and as a result we saw a sharp rally in MAXIND.

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