MCX gearing for a big upmove.
MCX on daily charts broke out of triangular pattern about a month back. Triangle's limit were 725 on downside and 940 on upper side so break out move should be of 215 points. Taking break out level as 849 targets of that pattern could be around 850+215= 1065.
If we see picture on Fibbonaci levels then stock retraced 100% of fall from 938 to 725 and after crossing 940 next target here could be 161.8% extension which is around 1070.
And if we consider fall from 1289 to 725 , 50 % retracement of that is around 1007 and after that 61.8% level is at 1074.
So all technicals suggest level of 1000 first and then 1065-1075. Stop loss of that trade should be around 890.
Disclosure: I am not a SEBI certified technical analyst and do not provide any kind of paid services. This post is just for my own trading purpose and educational purpose. Please consult your financial adviser before acting on this call. Further i am holding this stock from 915 levels and have much less than 0.001% of total equity so can not affect the stock price by anyway.
MCX on daily charts broke out of triangular pattern about a month back. Triangle's limit were 725 on downside and 940 on upper side so break out move should be of 215 points. Taking break out level as 849 targets of that pattern could be around 850+215= 1065.
If we see picture on Fibbonaci levels then stock retraced 100% of fall from 938 to 725 and after crossing 940 next target here could be 161.8% extension which is around 1070.
And if we consider fall from 1289 to 725 , 50 % retracement of that is around 1007 and after that 61.8% level is at 1074.
So all technicals suggest level of 1000 first and then 1065-1075. Stop loss of that trade should be around 890.
Disclosure: I am not a SEBI certified technical analyst and do not provide any kind of paid services. This post is just for my own trading purpose and educational purpose. Please consult your financial adviser before acting on this call. Further i am holding this stock from 915 levels and have much less than 0.001% of total equity so can not affect the stock price by anyway.
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