Hi All,
Let us discuss another chart today. MCX is a dominant company in the segment it operates and is hence a strong stock.
The chart/technical aspect also depicts strength to me.
The stock crossed it's ATH for the first time in July 2020. Tried to sustain above it but could not hold the level for long. But the good thing to notice here is that it did not correct much and kept hovering around the ATH levels in a range (see smaller time frame charts Weekly and Daily).
Now it has clearly given a breakout of that consolidation range. While the month of Nov has just started and it may come inside the box again but the setup provides a good R:R.
Do not forget to notice the Vol Build up in last few months.
The smaller time frame charts such as Weekly and Daily also give a similar picture. The stock broke out of the range, retraced back into the box but not much inside and is again above the box which depicts strength.
A stop loss of 1590 on closing basis seems good to enjoy a good uptrend on this scrip.
Just give some time to this setup, do your own due diligence and share/ask your opinions and doubts.
Like I always say, let's learn and earn together :)
Happy Trading!
Let us discuss another chart today. MCX is a dominant company in the segment it operates and is hence a strong stock.
The chart/technical aspect also depicts strength to me.
The stock crossed it's ATH for the first time in July 2020. Tried to sustain above it but could not hold the level for long. But the good thing to notice here is that it did not correct much and kept hovering around the ATH levels in a range (see smaller time frame charts Weekly and Daily).
Now it has clearly given a breakout of that consolidation range. While the month of Nov has just started and it may come inside the box again but the setup provides a good R:R.
Do not forget to notice the Vol Build up in last few months.
The smaller time frame charts such as Weekly and Daily also give a similar picture. The stock broke out of the range, retraced back into the box but not much inside and is again above the box which depicts strength.
A stop loss of 1590 on closing basis seems good to enjoy a good uptrend on this scrip.
Just give some time to this setup, do your own due diligence and share/ask your opinions and doubts.
Like I always say, let's learn and earn together :)
Happy Trading!
