Hi everyone
Welcome to technical analysis of MANGLMCEM on weekly timeframe.
There are two important levels marked on the chart i.e. 340-350 and 145-150. If we see the price action near these levels are crucial. Seen 5 times near resistance, those are explained briefly-
1st instance- when it made a lifetime high of 350 for the first time it took resistance by forming a double top and then market saw a fall of nearly 50%.
2nd instance- when it again comes to the resistance of 350 levels, it gave a breakout with no followup then formed a double top just above resistance levels and falls nearly 37%
3rd instance- successfully gave a breakout, a big move could be expected at such times but it consolidates and again gave a sharp fall of 60% from higher levels.
4th instance- Same as 1st time, formed a double top then sharp fall (65%).
5th instance- same as 3rd time only difference is made a new high.
As of now it's near those important levels inside the range. We have to look for further price action to decide or formation of any view.
Conclusion/View- Market is inside the range and I expect one more double top formation (bearish view). To create chances for good upmove it needs to give a good breakout with a good volume then a followup and a retest + continuation above resistance levels and outside the range. If my expectations falls in place then a good buying opportunities can be seen at support levels 150-160 (rejection near support needs to be play out).
Please like, comment and share your feedback on my analysis.
Thank you 😊
Welcome to technical analysis of MANGLMCEM on weekly timeframe.
There are two important levels marked on the chart i.e. 340-350 and 145-150. If we see the price action near these levels are crucial. Seen 5 times near resistance, those are explained briefly-
1st instance- when it made a lifetime high of 350 for the first time it took resistance by forming a double top and then market saw a fall of nearly 50%.
2nd instance- when it again comes to the resistance of 350 levels, it gave a breakout with no followup then formed a double top just above resistance levels and falls nearly 37%
3rd instance- successfully gave a breakout, a big move could be expected at such times but it consolidates and again gave a sharp fall of 60% from higher levels.
4th instance- Same as 1st time, formed a double top then sharp fall (65%).
5th instance- same as 3rd time only difference is made a new high.
As of now it's near those important levels inside the range. We have to look for further price action to decide or formation of any view.
Conclusion/View- Market is inside the range and I expect one more double top formation (bearish view). To create chances for good upmove it needs to give a good breakout with a good volume then a followup and a retest + continuation above resistance levels and outside the range. If my expectations falls in place then a good buying opportunities can be seen at support levels 150-160 (rejection near support needs to be play out).
Please like, comment and share your feedback on my analysis.
Thank you 😊