Muthoot Finance reclaims its 20 day SMA after a rough year

jumped 2.2 percent today to close at Rs 2,841.1. That's the first close above its 20 day average since the stock started sliding from its January highs. The stock opened at 2,796.6, touched a high of 2,852, and settled at 2,841.1. That close clears the 20 day average of 2,786.62 comfortably, though the 50 day average at 2,850.18 is still about 9 points higher, so that line has not been reclaimed yet. This stock topped near 4,100 back in January and has been grinding lower almost every month since, bottoming in the 2,700 to 2,750 zone just a couple of weeks ago. One 2.2 percent up day doesn't erase eight months of a downtrend, but it's the first time in a while buyers have pushed price back above a moving average instead of selling into every bounce. Every previous attempt to cross the 20 day average since February has failed within a few sessions, so I want to see this hold rather than treat it as confirmation on day one. What tips it from a bounce into something more meaningful, in my eyes, is a close above 2,850, since that's the level that's capped every rally for months. a close above 2,850 would tell me the broader trend is finally turning. A slide back under 2,786 within the next few sessions would tell me this was just a one-day pop inside an ongoing downtrend. I do not hold a position in Muthoot Finance Limited