Maruti Share Price : Technical Analysis - Buy or Sell

Maruti Suzuki India Limited shows weak development in a falling trend channel in the medium long term. Falling trends indicate that the company experiences negative development and falling buy interest among investors. The stock has broken a double bottom formation. A decisive break of the resistance at 8942 will signal a rise to 9707 or more. The stock is testing resistance at rupee 8950. This could give a negative reaction, but an upward breakthrough of rupee 8950 means a positive signal. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This weakens the falling trend and could be an early signal of a coming trend break. RSI above 70 shows that the stock has strong positive momentum in the short term. Investors have steadily paid more to buy the stock, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The stock is overall assessed as technically positive for the medium long term.