MRF has raced up around 60% for the past four months without any meaningful correction.
Daily chart is giving indications of exhaustion on the part of bulls.
With a reversal in Nifty on cards, it seems quite likely that MRF will follow suit.
What indicators are saying:
Double top - Price pattern has formed a double top near the 54000 level.
Bollinger bands - CMP is near to upper bound and red candle indicates reversal to mean position.
Decision - On further indication, look for SHORT position.
Targets:
Immediate Fibonacci retracement level - 49500
If 47000 is broken, Target 2: 45500
Stop: 55500-56000
Daily chart is giving indications of exhaustion on the part of bulls.
With a reversal in Nifty on cards, it seems quite likely that MRF will follow suit.
What indicators are saying:
Double top - Price pattern has formed a double top near the 54000 level.
Bollinger bands - CMP is near to upper bound and red candle indicates reversal to mean position.
Decision - On further indication, look for SHORT position.
Targets:
Immediate Fibonacci retracement level - 49500
If 47000 is broken, Target 2: 45500
Stop: 55500-56000
Dagangan aktif
Update:MRF nearly kissed the first target level. and its been only one day since we went short. If Nifty bounces tomorrow and upcoming days, MRF may too - but will likely retest top channel line.
Overall, it seems we are in for a corrective wave 4 in MRF.
Dagangan aktif
Target 1 achieved.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.