November 20, 2020, 10:15 am EST
2020 Actual Trade: MMYT +30% Profits
COVID-19 numbers were up and down with the news of vaccines. But strong stock will find its opportunity to break out and find its support. MakeMyTrip (MMYT) is a perfect example. As mentioned in our October 20 article: India Travel Booking – MakeMyTrip (MMYT), we demonstrated how technical analysis combined with market timing for entry point and hold through its support. Here are highlights:
- MMYT is an india travel online booking company for flight, hotel, and related travel service which is like PriceLine in the USA. Rising India middle class due to economic expansion in manufacture and technology like software, MMYT is on the right spot
- Technically, textbook example cup-with-handle base set up its upside potential from June to October
- It is important to mark the neckline 18-18.5 because this is the resistance for now. It will become support level after the breakout when pullback occurs.
- Entry point is correct at breakout level 10/20 when it crossed over 18.5 resistance.
- MMYT took off the ground quickly for a quick short-term profit if swing traders were there.
- Although there was a sharp pullback wiping out all the paper profits. But 18 support line comes to rescue and support MMYT.
- MMYT quickly rebounded at 18 and jumped up vertically. Including a gap-up follow-up breakout again in November 9 from 21 to 23, MMYT cannot wait any moment for anyone who missed the boarding time which was 10/20.
- MMYT finished up +30% in one month for this journey