MRF long opportunity

May 22, 2022

MRF
Stock ->MRF

TimeFrame -> Weekly

Hello all!

MRF has been moving in a channel since June 2016. It came back to its lower trendline in March 2022, bounced back, and is now trading near an important supply zone. If it breaks above the supply zone with good enough volumes, it'll make for a good opportunity to go long.

MRF is already getting support from its 200-week EMA. If it breaks above the supply zone, then there will be multiple factors that will strengthen my conviction to go long:
1) It'll start trading well above the 50-week EMA which is a good sign
2) The nearest swing high will be taken out

*NOT A CALL*

#mrf #swingtrading #ema #technicalanalysis