3MINDIA looks bullish
3MINDIA (3M India Ltd) looks bullish and has been in an uptrend for a while. It has just crossed 60 RSI on a weekly time frame, above 60 on a monthly time frame & hovering near 60 on a daily time frame.
The volume has increased somewhat in the last two weeks compared to the previous volume bars. The price has been taking support at its support level of 31000, which is the neckline of the cup pattern. It would be good if the price breaks 31500 with fair volume. One can achieve 1:5 risk-to-reward ratio. It may give a breakout if it trends upward, as there is no resistance on the upside. It will become weak below 26700 levels.
The volume has increased somewhat in the last two weeks compared to the previous volume bars. The price has been taking support at its support level of 31000, which is the neckline of the cup pattern. It would be good if the price breaks 31500 with fair volume. One can achieve 1:5 risk-to-reward ratio. It may give a breakout if it trends upward, as there is no resistance on the upside. It will become weak below 26700 levels.
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