MNM as per elliot wave theory is on verge to mature its motive phase and soon the corrective phase might unfold ,which would lead to deep retracement in the ongoing rally for this counter.
Recently counter gave a breakdown from the ascending trend on a structure of parallel channel and now counter have retested the same channel levels.
Bearish divergence on RSI with respect to price, on daily and weekly time frame.
bearish candle formation around the peak of rally
all indicated that the move is matured and trend might take a u turn,,
now all rally in counter should be used to take exit from long positions, till counter gives weekly close above 1370 levels
levels of 1330-1366 would act as strong resistance zone for the counter.
fresh investment only recommended above 1370 levels, else should wait for a dip of 10-15-20% from current levels
Recently counter gave a breakdown from the ascending trend on a structure of parallel channel and now counter have retested the same channel levels.
Bearish divergence on RSI with respect to price, on daily and weekly time frame.
bearish candle formation around the peak of rally
all indicated that the move is matured and trend might take a u turn,,
now all rally in counter should be used to take exit from long positions, till counter gives weekly close above 1370 levels
levels of 1330-1366 would act as strong resistance zone for the counter.
fresh investment only recommended above 1370 levels, else should wait for a dip of 10-15-20% from current levels