Mcleod Russel peaked at around 250 levels in December 2017. Post the 2018 peak, Mcleod's stock price collapsed and made a low of only 1.85 in march 2020. Since then, the stock saw a clear trend reversal and has moved up with the rest of the market peaking at 27.5 in late August 2020.
for the last 8 months, the Mcleod Russel stock has largely been range bound and...
It is been observed on the daily chart that the price action first got into range and then breaks and closes above the range indicated bullish move. And now, the price action breaks above the prevailing long big trendline, indicating buyers in action and control over prices. It shall further move up from the current levels.
Target 1: 150
Target 2: 153
It is been observed on the daily chart that the price action completes a bullish Cypher Pattern by reching 78.6% retracement level of (X-C) indicating a bullish move ahead.
Mcleod Russel is about to breakdown from its current levels after minor consolidation. Current trend is bearish and it is likely to continue with a momentum building on higher time frame. Trade with caution