Multi Commodity Exchange (MCX)

3 days ago

MCX presents a compelling buy opportunity based on the formation of a Bottom Rounding Pattern, a bullish reversal signal indicating a transition from a downtrend to an uptrend. The stock has broken above the key resistance level of ₹6800 with strong volume, confirming the breakout. The height of the pattern suggests a long-term target of ₹9600, offering an upside potential of approximately 39%. For swing traders, an entry at ₹6920 or on a pullback to ₹6800, with a short-term target of ₹7200-₹7500 and a stop-loss at ₹6650, provides an excellent risk-reward ratio of ~1:10. Positional traders can aim for the full target of ₹9600, holding for 3-6 months. Volume spikes during the breakout further validate the pattern, while the strong support at ₹6800 minimizes downside risk. Despite potential market volatility, the technicals and breakout strength make MCX a strong buy candidate for both traders and long-term investors.