Muthoot Finance

• 29 May, 2024 Ruchit Thakur

Muthoot Finance

Muthoot Finance anticipates a new rising trend and is ready for the next leg of the climb.

Muthoot Finance presents an excellent opportunity to enter the market at the current price with a strong upside target.

Please see the daily chart from Muthoot Finance. The stock is trading just above the horizontal barrier, having recently surpassed the previous swing high of 1700-1720. The probable upside is between 2100 to 2150, which is an Ascending Triangle pattern target. 
 

• Muthoot Finance is an excellent long-term investment opportunity because it has broken out of the ascending triangle pattern and is trending upward.
• Muthoot Finance is in high demand between 1700 and 1720, with further gain potential between 2100 and 2150.
• At the current market price, the risk-to-reward ratio is ideal for starting a long-term investment.

Please read the accompanying Muthoot Finance Chart for reference. The daily chart displays an ascending triangle pattern breakout, with support in the 1700-1720 level. The breakout will occur above the 1720 zone and may spread to the 2100 and 2150 zones, respectively. On the downside, continue to buy the stock on dips until it reaches the 1620-1640 range.

Please take a look at the ascending triangle pattern, which is in process since the first week of March and is currently causing a breakout. So far, the stock has followed the trend and has broken out of the 1700-1720 range. One can search for a long opportunity in the current zone because the stock is witnessing demand between 1700-1720 and the stop loss is around 1580, indicating a favorable risk-reward ratio.

Ascending Triangle Pattern: A chart pattern used in technical analysis. It is formed by price movements that allow a horizontal line to be drawn along the swing highs and a rising trend line along the swing lows.

Traders and investors can enter futures June contracts or the spot market at the present market price, with a stop loss around 1580, to attain price targets of 2100 and 2150.

Take a look at Muthoot Finance's daily chart for support and resistance. The spot chart includes all levels. 

Company Profile: Muthoot Finance Ltd is an Indian financial organization and the country's largest NBFC for gold loans. In addition to funding gold loans, the organization provides various lending options, insurance and money transfer services, and sells gold coins. The company is based in Kochi, Kerala, and has more than 5000 branches around the country. Outside of India, Muthoot Finance has offices in the United Kingdom, the United States, and the United Arab Emirates.