MOTHERSON can go long but... need to be cautious.
As per the above chart
MOTHERSON
is bullish has given a breakout and can go till the upper line of the channel, If it breaks the channel there is possibility of further upside. But till now it looks like its going in Correction wave ABC. Where wave C can go till Ext fibo ratio of 1.272 or 1.618 . Safe to book near 1.272, Considering the bigger timeframe Motherson looks bearish and can further go down in wave 4. also I will update the daily/weekly TF chart.
MOTHERSON
is bullish has given a breakout and can go till the upper line of the channel, If it breaks the channel there is possibility of further upside. But till now it looks like its going in Correction wave ABC. Where wave C can go till Ext fibo ratio of 1.272 or 1.618 . Safe to book near 1.272, Considering the bigger timeframe Motherson looks bearish and can further go down in wave 4. also I will update the daily/weekly TF chart.