Beware Strong hands exiting from Muthoot Finance - technical analysis Nifty.

We Indian people love gold. Its not just investment but also sentiments. In other words in auspicious situations like marriage etc its a important component. Muthoot finance is one of those companies who used this Indian gold loving mentality as their business model. But we all know what's happening with gold now and lets not get in to why gold is moving down etc. But definitely this is a very bad sign for muthoot finance. We saw two bad, extremely very bad signs for muthoot finance as below.

First negative sign it has broken its all time low which approx 120. Look at the below figure.

Point 1 :- All time high broken

Second sign when it broke the support level , it broke it confidently. Look at the volumes near the all time time low ( See the below figure).
Point 2:- Strong hands have exited

This analysis holds true for only 2 weeks from trading perspective. So for long term we need to look in to any bullish pattern formed in muthoot finance as reversal sign.....Till then no long bets on muthoot finance.

Also read our DLF warning charts which is also facing severe issues as muthoot finance Stay away from DLF - Last warning signals?

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